Case Summary:
The "applicable nonbankruptcy law" language of § 541(c)(2) includes ERISA's anti-alienation provisions.  Debtors' pension plan account is therefore excluded from the bankruptcy estate. Alternatively, § 815.18(31) of the Wisconsin statutes "relates to" ERISA plans for purposes of 29 U.S.C. § 1144(a) but is saved from preemption pursuant to § 414(d) of ERISA [29 U.S.C. § 1144(d)].  Preempting Wis. Stat. § 815.18(31) would modify or impair § 522(b) of the bankruptcy code in contravention of 29 U.S.C. § 1144(d).  Debtors' pension plan account is therefore exempted from the bankruptcy estate pursuant to Wis. Stat. § 815.18(31). Alternatively, ERISA's anti-alienation provision constitutes "other federal law" pursuant to 11 U.S.C. § 522(b)(2)(a).  The debtors' pension plan account is therefore exempted from the claim of the bankruptcy trustee pursuant to § 522(b)(2)(a).

Statue/Rule References:
11 U.S.C. § 522(b) -- Exemptions - State Law
11 U.S.C. § 541 -- Property of the Estate
Wis. Stat. § 815.18 -- Exemptions

Key Terms:
ERISA
Exemptions