(40 ILCS 5/17-151) (from Ch. 108 1/2, par. 17-151)
Sec. 17-151.
Annuities, etc.
- Exempt.
All pensions, annuities, refunds, or death benefits granted under the
provisions of this Article are exempt from State and municipal taxes and
are exempt from attachment or garnishment process. They shall not be seized
or levied upon by virtue of any judgment or any process or proceedings
issued out of or by any court for the payment or satisfaction in whole or
in part of any debt, claim, damage, demand or judgment.
No pensioner has the right to transfer or assign his pension or any part
thereof by way of mortgage or otherwise except for the purpose (1) of
establishing and maintaining membership in nonprofit group health or
hospital plans approved by the Board and (2) of establishing a
living
trust, the trustee of which is authorized to engage in the trust business,
provided all pension payments so assigned are required to be paid monthly
to the trustor or, in the event of his incapacity, expended for his
benefit. The Board is hereby authorized to administer all the
details
involved in establishing and maintaining membership in such health or
hospital plans for the benefit of the annuitants, but it shall not be
obligated to do so or to continue doing so, if in its judgment such
continuance is not desirable.
(Source: P.A. 90-566, eff. 1-2-98.)
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