I live in Georgia..I receive a pension from the Teacher Retirement System and also Social Security..I know that Social Security cannot be garnished in any way..Can the TRS pension be garnished once it is deposited into a checking account?
2 Answers from Attorneys
I have another client with teacher pay and was advised that the pension is not ERISA-qualified. It is my understanding that the retirement is exempt if you file bankruptcy but if you do not file bankruptcy and if the pension is not ERISA-qualified then its not exempt for purposes of a state court judgment.
Perhaps Attorney Ashman or another of the attorneys here will correct me if I am wrong.
Its also my understanding that when a bank levy comes in the bank is required to place a hold on the funds and determine whether the funds come from an exempt source like Social Security. If they do, then the bank has to release the hold on those funds.
While the TRS amounts themselves cannot be garnmished, once they land in a bank account, they can be attached. As best as I can tell, they do not have the same protection once in the account that social security does (two months of SS deposits can be protected inside a bank account),