Nebraska Statutes 79-948. Retirement benefits; exemption from taxation and legal process; exception
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The right of a person to an annuity, an allowance, or any optional benefit under the School Employees Retirement Act, any other right accrued or accruing to any person or persons under such act, the various funds and account created thereby, and all the money, investments, and income thereof shall be exempt from any state, county, municipal, or other local tax, shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever, and shall not be assignable except to the extent that such annuity, allowance, or benefit is subject to a qualified domestic relations order under the Spousal Pension Rights Act.
Source
- Laws 1945, c. 219, § 53, p. 655;
- R.S.Supp.,1947, § 79-2953;
- Laws 1949, c. 256, § 486, p. 857;
- Laws 1969, c. 735, § 15, p. 2783;
- Laws 1971, LB 987, § 30;
- Laws 1986, LB 311, § 20;
- Laws 1988, LB 1170, § 19;
- Laws 1989, LB 506, § 11;
- Laws 1991, LB 549, § 44;
- R.S.1943, (1994), § 79-1552;
- Laws 1996, LB 900, § 583;
- Laws 1996, LB 1273, § 26;
- Laws 2002, LB 407, § 34;
- Laws 2012, LB916, § 22;
- Laws 2015, LB40, § 10.
Terms Used In Nebraska Statutes 79-948
- 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.
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
- 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
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Process: shall mean a summons, subpoena, or notice to appear issued out of a court in the course of judicial proceedings. See Nebraska Statutes 49-801
- School: means a school under the jurisdiction of a school board authorized by Chapter 79. See Nebraska Statutes 79-101
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801