Vermont Statutes Title 3 Sec. 476
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Terms Used In Vermont Statutes Title 3 Sec. 476
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
- Pension: shall mean annual payments for life derived from contributions by the State. See
- Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See
§ 476. Exemption of member‘s interest; assignment
A member’s annuity, pension, or retirement allowance under this subchapter and the member’s assets in the Retirement System, shall not be exempt from taxation, including income tax, but shall be exempt from the operation of any laws relating to bankruptcy or insolvency and shall not be attached or taken upon execution or other process of any court. No assignment by a member of any part of such assets to which the member is or may be entitled, or of any interest in such assets, shall be valid, except to the extent permitted by this subchapter. (Added 1971, No. 231 (Adj. Sess.). § 4; amended 1973, No. 117, § 12; 2007, No. 13, § 13.)