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This entry was published on 2014-09-22
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Company pension plans; deductions from wages trust moneys; preference
Debtor & Creditor (DCD) CHAPTER 12, ARTICLE 2
§ 21-a. Company pension plans; deductions from wages trust moneys;
preference. Moneys contributed from wages or salary by an employee or
former employee under any retirement system or plan maintained or
operated by a domestic corporation, association, co-partnership or
joint-stock company, together with all accumulations of interest, shall
belong to the employee making the contributions and be deemed to be held
in trust by the employer for the benefit of the employee. In all
distribution of assets of such an employer or former employer, whether
insolvent or otherwise, the amount so contributed, together with such
accumulations of interest, shall first be paid to the employee or former
employee, his executors, administrators or assigns, before payment of
unsecured creditors.