Tenneco Inc. v. First Virginia Bank of Tidewater

HAYNSWORTH, Senior Circuit Judge:

The question is whether an employee’s interest in an ERISA thrift plan and stock ownership plan is subject to garnishment by a judgment creditor of the employee. Because in this instance the benefits are fully vested and payable in a lump sum upon request of the employee, the district court held that the benefits were subject to garnishment and denied the injunction which Tenneco, as trustee under the relevant trust agreements, had sought. Because we conclude that benefits in the hands of the fiduciary are beyond the reach of garnishment, we now vacate and…