§ 35.101. BENEFITS NONASSIGNABLE.

(A)

No benefits, rights or accounts shall exist under the plan which are subject in any manner to voluntary or involuntary anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any attempt so to anticipate, alienate, transfer, assign, pledge, encumber or charge the same shall be void; nor shall any benefit, right, or account be in any manner liable for or subject to the debts, contracts, liabilities, engagements, torts, or other obligations of the person entitled to that benefit, right or account, except as specifically provided in the plan; nor shall any benefit, right or account under the plan constitute an asset in case of the bankruptcy, receivership, or divorce of any person entitled under the plan.

(B)

If a participant or any other person entitled to benefits under the plan becomes bankrupt or makes an assignment for the benefit of creditors or in any way suffers a lien or judgment against his personal assets, or in any way attempts to anticipate, alienate, sell, assign, pledge, encumber, or charge a benefit, right or account, except as specifically provided in the plan, then that benefit, right or account in the discretion of the Committee may cease and terminate; and in that event the Retirement Committee shall hold or apply funds equal in value to that terminated account in the interest of the participant. This shall include not only distributions directly to the participant at the Committee's discretion but to or for the benefit of the participant's spouse, children, or other dependents where the Committee determines this to be appropriate. (See Section 35.102(A)(1) through (3) of this subchapter for permissible methods of distribution.)

(Code 1980, § 18-134; Am. Ord. No. 78-93, passed 12/7/93; Ord. No. 45-17 , § 7, passed 12/5/17)