New Jersey § 53:5a-45

§ 53:5a-45.

The right of a person to a pension, an annuity, or a retirement allowance, to the

return of contributions, any benefit or right accrued or accruing to a person under

the provisions of this act and the moneys in the various funds created under this

act, shall be exempt from any State or municipal tax and from levy and sale, garnishment,

attachment or any other process arising out of any State or Federal court, and, except

as hereinafter in this section and as in this act otherwise provided, shall be unassignable. Nothing in this section shall prohibit any person insured under a group insurance

policy, pursuant to an arrangement among the insured, the group policyholder and the

insurer, from making to any person other than his employer, a gift assignment of the

rights and benefits conferred on him by any provision of such policy or by law including

specifically but not by way of limitation the right to exercise the conversion privilege

and the right to name a beneficiary. Any such assignment, whether made before or after the effective date of this act,

shall entitle the insurer to deal with the assignee as the owner of all rights and

benefits conferred on the insured under the policy in accordance with the terms of

the assignment.