Sec. 10. Assignment of Benefits. A member or a beneficiary may not assign any payment except for: (1) premiums on a life, hospitalization, surgical, or medical group insurance plan maintained in whole or in part by: (A) a state agency; or (B) any association that proves to the board's satisfaction that the association has as members at least twenty percent (20%) of the number of the retired members of the fund; and (2) dues to any association which proves to the board's satisfaction that the association has as members at least twenty percent (20%) of the number of the retired members of the fund.
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