Tennessee Code 49-1558 – Benefits exempt from taxation and execution – Unassignable
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Terms Used In Tennessee Code 49-1558
- 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.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
- Retirement allowance: means the sum of the member annuity and the state annuity. See Tennessee Code 8-34-101
- State: means the state of Tennessee. See Tennessee Code 8-34-101
- State annuity: means annual payments for life derived from contributions by an employer. See Tennessee Code 8-34-101
The right of a person to a state annuity, or teacher annuity, or a retirement allowance, to the return of contributions, the state annuity, the teacher annuity or retirement allowance itself, any optional benefit or any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the various funds created by this chapter, are hereby exempt from any state or municipal tax and exempt from levy and sale, garnishment, attachment, or any other process whatsoever, and shall be unassignable except as in this chapter specifically otherwise provided.