Sec. 28. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process.

     (b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the following:

Terms Used In Indiana Code 5-10.3-12-28

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board: has the meaning set forth in Indiana Code 5-10.3-12-4
  • 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
  • member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
  • plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15
(1) Premiums on a life, hospitalization, surgical, or medical group insurance plan maintained in part by a state agency.

(2) Dues to an association that proves to the board‘s satisfaction that the association has as members at least twenty percent (20%) of the retired members in the plan.

As added by P.L.22-2011, SEC.2.