Retirement Savings Plan Summary Plan Description
8.3 Your Account Generally Cannot be Pledged or Assigned
Except under a QDRO (see above) or a federal tax levy, you may not pledge any part of your account as security or collateral for a loan, or otherwise assign your rights under the Plan. Moreover, your account is exempt from the claims of creditors, such as garnishments or executions.
Federal Tax Levy. The IRS may enforce a federal tax levy against your account. The IRS will not ordinarily attempt to enforce a tax levy until benefits are distributable and any required spousal consent is provided. Amounts distributed to the IRS pursuant to a federal tax levy are taxable, but are not subject to the additional 10% penalty tax should that penalty otherwise apply. Levies to satisfy outstanding state taxes are not recognized by the Plan.