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Bill Number: 419 Ratification Number: 304 Act Number 297 Introducing Body: Senate Subject: Municipal Private Retirement System; benefits exempt from attachment
(A297, R304, S419)
AN ACT TO AMEND SECTION 9-1-1680, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EXEMPTION FROM TAXATION AND LEGAL PROCESS OR ASSIGNMENT OF ANY ANNUITY, RETIREMENT ALLOWANCE, RETURN OF CONTRIBUTION, ANY OPTIONAL BENEFIT, OR OTHER RIGHT ACCRUED TO ANY PERSON UNDER THE STATE RETIREMENT SYSTEM FROM GARNISHMENT, ATTACHMENT, OR ANY OTHER PROCESS, SO AS TO INCLUDE THE SAME RETIREMENT BENEFITS OF ANY PRIVATE RETIREMENT SYSTEM OPERATED BY A MUNICIPALITY WITHIN THE PROVISIONS OF THIS SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
Municipal private retirement system benefits exempt from attachment
SECTION 1. Section 9-1-1680 of the 1976 Code is amended to read:
"Section 9-1-1680. The right of a person to an annuity or a retirement allowance or to the return of contributions, an 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 monies of the System created under the provisions of this chapter or any private retirement system operated by a municipality, are exempted from any state or municipal tax and exempted from levy and sale, garnishment, attachment, or any other process and must be unassignable except as specifically otherwise provided in this chapter."
SECTION 2. This act takes effect upon approval by the Governor.