§ 18-441. Nonassignability clause.  


Latest version.
  • Neither the participant nor the participant's beneficiary shall anticipate, assign or pledge any payments or benefits available under the plan (which payments and rights thereto are expressly declared to be nonassignable and nontransferable) and in the event of any attempted anticipation, assignment or pledge, or any other partial or complete transfer, the city and the committee shall have no further liability to the participant hereunder or under the plan; nor shall any unpaid benefits or payments be subject to debts, damages for tort liability, attachments, garnishment or execution, or be transferable by operation of law in event of bankruptcy, insolvency, or assignment for the benefit of creditors, except to the extent otherwise required by law preemptive of this article. However, notwithstanding the foregoing restrictions, domestic relations orders that are applicable to eligible plans under section 414(p)(11) of the Internal Revenue Code will be allowed, but only to the extent that the domestic orders and agreements are drafted and approved in accordance with, and otherwise comply with C.R.S., section 14-10-113, with the plan, and with the procedures promulgated by the committee from time to time.

(Ord. No. 908-97, § 1, 12-15-97; Ord. No. 1135, § 1, 12-26-01)