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Arkansas Code Title 24. Retirement and Pensions § 24-4-1002. Benefit provisions--Subjection of annuity rights to process of law

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of § 24-4-101 et seq., and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever and shall be unassignable, except as is specifically provided in this chapter.

(b) An exception to the prohibition against the subjection of annuity rights to any process of law applies to the following:

(1) An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary; and

(2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-4-1002. Benefit provisions--Subjection of annuity rights to process of law - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-4-1002/

Read this complete Arkansas Code Title 24. Retirement and Pensions § 24-4-1002. Benefit provisions--Subjection of annuity rights to process of law on Westlaw

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