the program's participants and their beneficiaries until the
time when the funds are distributed to the participant or the
participant's beneficiary in accordance with the terms of the
agreement between the participant and the board. All such assets
and income withheld by the employer shall be held in trust as
set forth in this subsection in a special fund created within
the Treasury Department of which the State Treasurer shall be
custodian. The assets of the program shall be held in trust for
the exclusive benefit of the program's participants and
beneficiaries and for the payment of reasonable expenses of the
program in accordance with section 5606 (relating to investments
and expenses) and IRC § 401.
(b) Trustees.--The members of the board shall be the
trustees of the trust established under subsection (a).
(c) Attachment.--Notwithstanding any other provision of law,
any benefit or interest available under the program, any right
to receive or direct payments under the program or any
distribution of payment made under the program shall not, except
as expressly specified by the program, be subject to assignment,
alienation, garnishment, attachment, transfer, anticipation,
sale, mortgage, pledge, hypothecation, commutation, execution or
levy, whether by voluntary or involuntary act of any interested
person.
§ 5608. Election period.
A qualified employee may elect to participate in the program
by filing written notice with the board, in accordance with
procedures established by the board under section 5604(2)
(relating to powers and duties of board) within 90 days after
the date on which the employee becomes a qualified employee.
§ 5609. Participant contributions.
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