19-21-212. Exemption from taxation, legal process, and assessments. All contracts, benefits, and contributions under the optional retirement program and the earnings thereon are:
     (1) except for a retirement allowance received in excess of $3,600 or adjusted by an amount determined pursuant to 15-30-111(2)(c)(ii), exempt from any state, county, or municipal tax;
     (2) not subject to execution, garnishment, attachment, or other process;
     (3) not covered or assessable by an insurance guaranty association; and
     (4) unassignable except as specifically provided in the contracts.

     History: En. Sec. 8, Ch. 494, L. 1987; amd. Sec. 17, Ch. 823, L. 1991.