Massachusetts General Laws ch. 170 sec. 26 – Exemption of co-operative banks employees benefit association property from taxation, operation of law relating to insolvency, attachment and execution; assignment of rights
Section 26. The property of the benefit association shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the benefit association, a participating bank, or any employee member of the benefit association. No assignment of any right in or to said funds or of any pension or annuity payable under section 24 shall be valid, except that deferred annuity contracts purchased by a participating bank on account of past service of eligible employees may be assigned to such bank prior to actual retirement.
Terms Used In Massachusetts General Laws ch. 170 sec. 26
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Nothing in this section shall prevent an employee’s annuity or pension from being attached, taken on execution, assigned, or subject to other process to satisfy a support order under chapter 208, 209 or 273.