Indiana Code 5-10.4-8-14. Assets of plan exempt from levy, sale, garnishment, attachment, or other legal process; limited assignment by member
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Sec. 14. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process.
(1) Premiums on a life, hospitalization, surgical, or medical group insurance plan maintained in part by a state agency.
(b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the following:
Terms Used In Indiana Code 5-10.4-8-14
- 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
- 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
(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.217-2017, SEC.58.