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pension plan provided by the Director’s Guild of America -
Producer Pension Plan (pension plan). The basic plan was a
defined benefit plan, and the supplemental plan was a defined
contribution plan.
On July 19, 2000, petitioner was fully vested in both the
supplemental plan and the basic plan. On June 30, 2000, his
account balance in the supplemental plan was $249,053.10. As of
July 19, 2000, under the basic plan, petitioner’s payment that he
would receive at age 65 was $3,811.29 per month, payable as a
single-life annuity. As of July 19, 2000, petitioner’s early
retirement benefit under the basic plan includes the payment that
he would receive at age 55. Petitioner’s payment would be
$2,667.90 per month, payable as a single-life annuity.
Bankruptcy Proceeding
On July 19, 2000, petitioner filed a voluntary petition
under chapter 7 of the U.S. Bankruptcy Code with the U.S.
Bankruptcy Court for the Central District of California in
Los Angeles, California. Petitioner’s address on the bankruptcy
petition was in Hollywood, California. At the time he filed the
bankruptcy petition, petitioner represented that the market value
of the pension plan was $241,928.69, of which $64,068.58 was
claimed by his former spouse. Petitioner claimed his pension
plan as exempt property in the bankruptcy proceedings. No
objection was made to petitioner’s claim that the pension plan
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