GA Code § 47-3-28 (2021)
2021 Georgia Code|Title 47 - Retirement and Pensions|Chapter 3 - Teachers Retirement System of Georgia|Article 2 - Creation, Administration, and Management of the Assets of the Retirement System|§ 47-3-28. Rights Exempted From Levy and Sale, Garnishment, and Other Process; Assignability; Exemptions for Other Retirement Systems; Assets and Investments and Their Transfer or Sale Exempted

  The right to a pension, annuity, retirement allowance, return of contributions, the pension, annuity, or retirement allowance itself, any optional benefit, or any other right accrued or accruing to any person under this chapter and the moneys in the various accounts created by this chapter are exempt from any state, county, or municipal tax, except as provided in Code Section 48-7-27; exempt from levy and sale, garnishment, attachment, or any other process whatsoever; and shall not be assignable except as otherwise specifically provided in this chapter. The exemptions under this Code section shall extend to benefits accrued or accruing to any member of a local retirement system, whether such benefits are attributable to amounts paid by the retirement system to such local retirement system for the account and benefit of the member, or otherwise.   A resident of this state who receives a pension, annuity, or retirement allowance from a teachers' retirement system of another state or political subdivision shall be entitled to the same exemptions with respect to such benefits as are set forth in subsection (a) of this Code section, provided that the law of such other state or political subdivision allows substantially the same treatment to a person residing there with respect to a pension, annuity, or retirement allowance received from the Teachers Retirement System of Georgia.   The tangible, intangible, real, personal, or mixed property investments or assets of this retirement system of whatever kind or nature and the earnings or proceeds derived from such investments or assets are declared to be public property and exempt from taxation by the state, or by any county, municipality, authority, or political subdivision of this state and exempt from levy and sale, garnishment, attachment, or any other process whatsoever.   The transfer or sale of tangible, real, personal, or mixed property investments or assets to or from this retirement system and the instruments of such transfer or sale shall be exempt from any tax on such sales, transfers, or instruments levied by the state or by any county, authority, municipality, or political subdivision of this state.    (Ga. L. 1943, p. 640, § 10; Ga. L. 1968, p. 543, § 2; Ga. L. 1973, p. 896, § 1; Ga. L. 1976, p. 647, § 1; Ga. L. 2000, p. 1449, § 3.)   OPINIONS OF THE ATTORNEY GENERAL   Teacher retirement allowances exempt from income tax.    - Word "pension" denotes a gratuity, or a payment in recognition of, but not in payment for, services rendered, and a retirement is not a "pension," but is rather payment for services performed, and, hence, it is subject to the income tax unless specifically exempt, as are the funds paid as retirement allowances to teachers exempt under this statute. 1952-53 Op. Att'y Gen. p. 213 (see O.C.G.A. § 47-3-28).   RESEARCH REFERENCES   Am. Jur. 2d.   - 30 Am. Jur. 2d, Executions, § 167 et seq. 31 Am. Jur. 2d, Exemptions, § 94 et seq.   C.J.S.   - 33 C.J.S., Executions, § 42. 38 C.J.S., Garnishment, §§ 27 et seq., 92 et seq., 137.   ALR.   - Retirement or pension proceeds or annuity payments under group insurance as subject to attachment or garnishment, 28 A.L.R.2d 1213.   Employee retirement pension benefits as exempt from garnishment, attachment, levy, execution, or similar proceedings, 93 A.L.R.3d 711.