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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 590. Oklahoma Public Employees Retirement System |
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Chapter 40. Defined Contribution System |
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Subchapter 3. Administration of Defined Contribution System - Applicable to The 401(A) Plan and the 457(B) Plan |
SECTION 590:40-3-6. Protected rights
Latest version.
- The rights of the Participant under the Plans shall not be subject to the rights of creditors of the Participant or any Beneficiary, and shall be exempt from execution, attachment, prior assignment, or any other judicial relief or order for creditors or other third persons. However, these rights do not include protection from federal levies and judgments resulting from unpaid federal tax assessment or other federally required payment, payments actually paid by the Plans to the Participant or his or her Beneficiary, and as set forth in Subchapter 11 of this Chapter. The Participant, the Participant's Beneficiary, or any other designee shall not have any right to commute, sell, assign, pledge, encumber, transfer, or otherwise convey the right to receive any payments under these Plans, which payments and right to such payments are expressly declared to be nonassignable and nontransferable, except as provided in Subchapter 11 of this Chapter.