§ 24-51-212 — Funds not subject to legal process

Colorado § 24-51-212

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Public Employees' Retirement Association

Text

(1) Except for federal tax
liens on distributions payable by the association, for Colorado tax distraints and
liens pursuant to section 39-21-114, C.R.S., on distributions payable by the
association, for assignments for child support purposes as provided for in sections
14-10-118 (1) and 14-14-107, C.R.S., as they existed prior to July 1, 1996, for income
assignments for child support purposes pursuant to section 14-14-111.5, C.R.S., for
writs of garnishment that are the result of a judgment taken for arrearages for child
support or for child support debt, for payments from the association in compliance
with a properly executed court order approving a written agreement entered into
pursuant to section 14-10-113 (6), C.R.S., and for restitution that is required to be
paid for the theft, embezzlement, misappropriation, or wrongful conversion of
public property or in the event of a judgment for a willful and intentional violation of
fiduciary duties pursuant to section 24-51-207 where the offender or a related
party received direct financial gain, none of the moneys, trust funds, reserves,
accounts, contributions pursuant to parts 4, 5, 14, 15, 16, and 17 of this article, or
benefits referred to in this article shall be assignable either in law or in equity or be
subject to execution, levy, attachment, garnishment, bankruptcy proceedings, or
other legal process. Member contributions are subject to garnishment resulting
from a judgment taken for arrearages for child support or for child support debt, for
restitution that is required to be paid for the theft, embezzlement, misappropriation,
or wrongful conversion of public property or in the event of a judgment for a willful
and intentional violation of fiduciary duties pursuant to section 24-51-207 where
the offender or a related party received direct financial gain, only if the membership
has terminated and the member is not vested.

(2) Notwithstanding the provisions of this section, upon service to the
association of orders, injunctions, or warrants issued pursuant to sections 18-17-105
and 18-17-106 or section 16-3-301, C.R.S., applicable to a member contribution
account based upon allegations of theft, embezzlement, misappropriation, or
wrongful conversion of public property, a member who terminates membership is
prohibited from receiving a refund of the member's contribution account and
matching employer contributions pursuant to section 24-51-405 or a refund of
member contributions pursuant to part 17 of this article, until a court order or the
issuing authority releases the member contribution account from said orders,
injunctions, or warrants.

Legislative History

Source: L. 87: Entire article R&RE, p. 1051, � 1, effective July 1; entire section amended, p. 596, � 28, effective July 1. L. 91: Entire section amended, p. 826, � 2, effective April 9. L. 96: Entire section amended, p. 622, � 34, effective July 1; entire section amended, p. 1460, � 3, effective January 1, 1997. L. 97: Entire section amended, p. 66, � 11, effective July 1. L. 2004: Entire section amended, p. 1940, � 8, effective January 1, 2006. L. 2005: Entire section amended, pp. 72, 73, �� 5, 6, effective August 8. L. 2008: Entire section amended, p. 63, � 1, effective August 5. L. 2009: (1) amended, (SB 09-066), ch. 73, p. 246, � 1, effective March 31; entire section amended, (SB 09-282), ch. 288, p. 1337, � 11, effective January 1, 2010.