Connecticut General Statutes 10-183q – Funds not assignable and exempt from attachment. Alternate payee
(a) The portion of each member‘s compensation deducted or to be deducted under this chapter and all rights of each member and of each survivor to receive benefits or other payments under this chapter: (1) Shall be exempt from the operation of any laws relating to bankruptcy or insolvency; and (2) shall not be subject to garnishment, attachment, execution, levy or any other similar legal process or order of any court, except such compensation shall be subject to a court-approved domestic relations order in favor of an alternate payee. No assignment of any right of a member or any other person to receive benefits or other payments from the system shall be valid. The funds of the system invested in personal property shall be exempt from taxation.
Terms Used In Connecticut General Statutes 10-183q
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
- Board: means the Teachers' Retirement Board. See Connecticut General Statutes 10-183b
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Internal Revenue Code: means the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, and any regulations promulgated under or interpretations of said code that may affect this chapter. See Connecticut General Statutes 10-183b
- Member: means any Connecticut teacher employed (A) on, and compensated for, the first school day, in accordance with the member's contractual schedule, and (B) for an average of at least one-half of each school day after the first school day, except that no teacher who under any provision of the general statutes elects not to participate in the system shall be a member unless and until the teacher elects to participate in the system. See Connecticut General Statutes 10-183b
- Personal property: All property that is not real property.
- Surviving spouse: means a widow or widower of a deceased member who (A) was living with the member at the time of the member's death, or receiving, or entitled by court order or agreement to receive, regular support payments from the member, and (B) has not remarried. See Connecticut General Statutes 10-183b
- Survivor: means a surviving spouse, a dependent former spouse, a dependent child and a dependent parent. See Connecticut General Statutes 10-183b
- System: means the Connecticut teachers' retirement system. See Connecticut General Statutes 10-183b
(b) A person selected by the court as an alternate payee under an approved domestic relations order may elect, at the time and in the manner prescribed by the board, to have any portion of an eligible rollover distribution or trustee-to-trustee transfer paid directly to an eligible retirement plan by way of a direct rollover. Taxable funds may be distributed as a rollover if elected by such person. For purposes of this subsection, “eligible rollover distribution” and “eligible retirement plan” have the same meanings as provided in Section 402 of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, except (1) a qualified trust shall be deemed an eligible retirement plan only if it accepts such person’s eligible rollover distribution; and (2) in the case of an eligible rollover distribution to a surviving spouse, an eligible retirement plan means an individual retirement account or an individual retirement annuity, as defined in said section of the Internal Revenue Code of 1986.