Are Qualified Pension Plans Exempt From Civil Suits?

Answer A civil suit could result in your losing a significant portion of your personal assets. A civil suit is a lawsuit in which a business or individual makes a legal claim against you for financial dam... Read More »

Top Q&A For: Are Qualified Pension Plans Exempt From Civil S...

Is a pension exempt from Social Security tax?

The Social Security tax applies only to earned income, such as wages or salaries. The Internal Revenue Service does not consider pensions to be earned income, so pensions are exempt from the Social... Read More »

Is a pension exempt from Social Security payroll tax?

Pension income is exempt from the Social Security payroll tax. The Social Security tax only impacts earned income. According to the Internal Revenue Service, pensions are not included as earned inc... Read More »

Are IRS Section 125 plans exempt from taxes?

If the Section 125(a) plan is for a highly compensated employee or for a high ranking employee and the plan excludes other lower employees, then it is not exempt from taxes. Otherwise, Section 125(... Read More »

Are state retirement plans considered pension plans?

Retirement plans sponsored by states are considered pension plans. There are two types of pension plans to choose from--a defined benefit plan or a defined contribution plan. The benefit plan tells... Read More »