§ 50-124. Exemption of System funds from legal process--Assignment or transfer void--Exception ...
Oklahoma Statutes AnnotatedTitle 11. Cities and TownsEffective: November 1, 2023
Effective: November 1, 2023
11 Okl.St.Ann. § 50-124
§ 50-124. Exemption of System funds from legal process--Assignment or transfer void--Exception of qualified domestic orders--Offset for offenses involving the System
A. Except as otherwise provided by this section, no portion of any of the funds of the System shall, either before or after any order made by the State Board for payment to any person entitled to a pension or allowance, be held, seized, taken, subjected to, or detained, or levied on by virtue of any garnishment, attachment, execution, injunction, or other order or decree or any process or proceeding whatever, issued out of or by any court of this state for the payment or satisfaction, in whole or in part, of any debt, damage, claim, demand or judgment against any such person entitled to payment, nor shall said payments or any claim thereto be directly or indirectly assigned, and any attempt to assign or transfer the same shall be void. The said funds shall be held, invested, secured and distributed for the purposes named in this article, and for no other purpose whatever.
2. The term “qualified domestic order” means an order issued by a district court of this state pursuant to the domestic relation laws of the State of Oklahoma which relates to the provision of marital property rights to a spouse or former spouse of a member or provision of support for a minor child or children and which creates or recognizes the existence of the right of an alternate payee, or assigns to an alternate payee the right, to receive a portion of the benefits payable with respect to a member of the System.
3. For purposes of the payment of marital property, to qualify as an alternate payee, a spouse or former spouse must have been married to the related member for a period of not less than thirty (30) continuous months immediately preceding the commencement of the proceedings from which the qualified domestic order issues.
c. does not require the payment of benefits to an alternate payee which are required to be paid to another alternate payee pursuant to another order previously determined to be a qualified domestic order or an order recognized by the System as a valid order prior to the effective date of this act.1
C. Notwithstanding any other provision of law to the contrary, effective August 5, 1997, the State Board may approve any offset of a member's benefit to pay a judgment or settlement against the member for a crime involving the System or for a breach of the member's fiduciary duty to the System, provided such offset is in accordance with the requirements of Section 401(a)(13) of the Internal Revenue Code of 1986, as amended.2
Credits
Laws 1977, c. 256, § 50-124, eff. July 1, 1978; Laws 1980, c. 356, § 30, eff. Jan. 1, 1981; Laws 1993, c. 322, § 5, emerg. eff. June 7, 1993; Laws 1998, c. 198, § 3, eff. Nov. 1, 1998; Laws 1999, c. 257, § 6, eff. July 1, 1999; Laws 2000, c. 287, § 10, eff. July 1, 2000; Laws 2004, c. 551, § 8, emerg. eff. June 9, 2004; Laws 2023, c. 53, § 3, eff. Nov. 1, 2023.
11 Okl. St. Ann. § 50-124, OK ST T. 11 § 50-124
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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