Case Summary:
The Trustee objected to the Debtor’s claimed exemption in a “CSI Retirement Savings Plan” under 11 U.S.C. § 522(d)(10)(E). The Trustee argued that the Plan was actually a limited partnership interest, and therefore, it did not meet the standard under 11 U.S.C. § 522(d)(10)(E). Examining the three elements of the statute, the Bankruptcy Court overruled the Trustee’s objection. The Court found the Plan to be a “similar plan or contract” because it provided income that substituted for wages. The Plan payments met the second element of the statute, as redemption of units could occur “on account of” disability, death, or illness. Finally, the Court found the Plan to be reasonably necessary for the support of the Debtor. The Debtor was entitled to claim an exemption in the Plan under the statute.

Statute/Rule References:
11 U.S.C. § 522(d)(10)(E) -- Exemptions - Federal - Stock Bonus, Pension, Profit-sharing, Annuity

Key Terms:
Exemptions
Limited Partnership
Similar Plan