HB245: Virginia Retirement System group insurance program; exemption from process.

HOUSE BILL NO. 245
Offered January 9, 2008
Prefiled December 28, 2007
A BILL to amend and reenact § 51.1-510 of the Code of Virginia, relating to Virginia Retirement System group insurance polices; exemption from process.
Patron-- O'Bannon

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1.  That § 51.1-510 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-510. Insurance exempt from process.

A. Except as provided in subsection B, the The insurance provided for in this chapter, including any optional insurance, and all proceeds therefrom shall be exempt from levy, garnishment, and other legal process, except (i) as provided in subsection B and (ii) for administrative actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any court process to enforce a child or child and spousal support obligation. However, the insured may make a voluntary, irrevocable assignment of his group life insurance and any individual conversion policy that may be issued upon termination of his group life insurance by executing an assignment on a form prepared by the Board of Trustees of the Virginia Retirement System.

B. From any insurance proceeds payable pursuant to this chapter to a retiree's beneficiaries, the Board may deduct any overpayment of retirement allowance paid to such retiree.