97B.39 - RIGHTS NOT TRANSFERABLE OR SUBJECT TO LEGAL PROCESS -- EXCEPTIONS. - Iowa Statutes

97B.39 RIGHTS NOT TRANSFERABLE OR SUBJECT TO LEGAL PROCESS -- EXCEPTIONS. The right of any person to any future payment under this chapter is not transferable or assignable, at law or in equity, and the moneys paid or payable or rights existing under this chapter are not subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law except for the purposes of enforcing child, spousal, or medical support obligations or marital property orders. For the purposes of enforcing child, spousal, or medical support obligations, the garnishment or attachment of or the execution against compensation due a person under this chapter shall not exceed the amount specified in 15 U.S.C. § 1673(b). The system shall comply with the provisions of a marital property order requiring the selection of a particular benefit option, designated beneficiary, or contingent annuitant if the selection is otherwise authorized by this chapter and the member has not received payment of the member's first retirement allowance. However, a marital property order shall not require the payment of benefits to an alternative payee prior to the member's retirement, prior to the date the member elects to receive a lump sum distribution of accumulated contributions pursuant to section 97B.53, or in an amount that exceeds the benefits the member would otherwise be eligible to receive pursuant to this chapter.          Section History: Early Form [C46, 50, § 97.43; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 97B.39]          Section History: Recent Form 89 Acts, ch 228, §2; 92 Acts, ch 1195, § 501; 96 Acts, ch 1187, § 10; 2001 Acts, ch 68, §21, 24; 2003 Acts, ch 145, §286 Referred to in § 97B.51