Vermont Statutes Title 16 Sec. 1946
Terms Used In Vermont Statutes Title 16 Sec. 1946
- 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.
- Beneficiary: shall mean any person in receipt of a pension, an annuity, a retirement allowance or other benefit as provided by the System. See
- 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
- Member: shall mean any person included in the System pursuant to section 1933 of this chapter. See
- Pension: shall mean annual payments for life derived from money provided by the State. See
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
§ 1946. Exemption of member‘s interest; assignment
That portion of the compensation of a member deducted or to be deducted under this chapter, the rights of a member or beneficiary to an annuity, pension, or retirement allowance hereunder, and all a member’s rights in the assets of the System, shall be exempt from taxation, including income tax, and 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 or beneficiary of any part of the assets to which he or she is or may be entitled, or of any right to or interest in the assets, shall be valid except as specifically provided in this chapter. (Amended 2007, No. 13, § 34.)