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2008 SESSION
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.