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If it is truly a deferred comp plan registered with the State and SEC, the money he has put away is his and should be safe from a company collapse, unless it is all in the company's stock(bad). Can he lessen the risk by moving the $ into other shares or money market funds? He cannot collect or get a payout until a certain age is normally past(59 1/2 )(or whatever the plan says), or he will pay a huge penalty(bad). So if he takes $ out(again, if the plan allows it), they both lose. tough spot to be in.
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