48-227. Exemption from taxation and execution;
exceptions; nonassignability of benefits
A. The benefits, annuities and pensions, the employee and district contributions
and the securities in which any trust fund provided for in a plan shall be invested shall
not be subject to execution or attachment, garnishment, bankruptcy proceedings or other
legal process. The securities in the plan's trust fund are exempt from state, county and
municipal taxes, but the benefits, annuities and pensions received by an officer or
employee from such a plan after December 31, 1988 are subject to tax pursuant to title
43.
B. No participant or beneficiary, or any other person having or claiming to have
any interest of any kind or character in or under any plan adopted by a district, or any
part thereof, or payment therefrom, shall have any right to sell, assign, transfer,
convey, hypothecate, anticipate, or otherwise dispose of such interest.
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