2006 Kentucky Revised Statutes - .700   Funds exempt from taxation and process -- Taxability after December 31, 1997 -- Benefits not considered marital property.

161.700 Funds exempt from taxation and process -- Taxability after December 31, 1997 -- Benefits not considered marital property. (1) The right of a member to a retirement allowance and to the return of contributions, any benefit or right accrued or accruing to any person under the retirement system, and the money in the various funds of the retirement system are exempt from any state or municipal tax, are not subject to execution, garnishment, attachment, or other process, and are unassignable except as provided in this chapter, and except for court or administratively ordered current child support, owed child support, or to-be-owed child support. Except retirement benefits accrued or accruing to any person under this retirement system on or after January 1, 1998, shall be subject to the tax imposed by KRS 141.020, to the extent provided in KRS 141.010 and 141.0215. (2) Retirement allowance, disability allowance, accumulated contributions, or any other benefit under the retirement system shall not be classified as marital property pursuant to KRS 403.190(1). Retirement allowance, disability allowance, accumulated contributions, or any other benefit under the retirement system shall not be considered as an economic circumstance during the division of marital property in an action for dissolution of marriage pursuant to KRS 403.190(1)(d). Effective: July 1, 2002 History: Amended 2002 Ky. Acts ch. 275, sec. 33, effective July 1, 2002. -- Amended 1998 Ky. Acts ch. 255, sec. 36, effective July 15, 1998. -- Amended 1995 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 6, effective April 28, 1995. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 541, effective July 13, 1990. -- Amended 1980 Ky. Acts ch. 206, sec. 14, effective July 1, 1980. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-51. Page 1 of 1