Vermont Statutes Title 24 Sec. 5066
Terms Used In Vermont Statutes Title 24 Sec. 5066
- 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.
- Member: means any employee included in the membership of the Retirement System under section 5053 of this title. See
- Pension: means annual payments for life derived from contributions by the State and municipality. See
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
- System: means the Municipal Employees' Retirement System of Vermont, as defined in section 5052 of this title. See
§ 5066. Exemption of member‘s interest; assignment
That portion of the salary or wages of a member deducted or to be deducted under this chapter, the right of a member to an annuity, pension, or retirement allowance hereunder, and all the member’s rights in the assets of the Retirement System, shall be exempt from taxation, except 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 of any part of the assets to which the member is or may be entitled, or of any right to or interest in those assets, shall be valid, except to the extent permitted by this chapter. (Added 1973, No. 251 (Adj. Sess.), § 3; amended 2007, No. 13, § 48.)