That portion of the compensation of a member deducted or to be deducted under this chapter, the rights of a member or beneficiary to an annuity, pension, or retirement allowance hereunder, and all a member's rights in the assets of the System, shall be exempt from taxation, including income tax, and from the operation of any laws relating to bankruptcy or insolvency, and shall not be attached or taken upon execution or other process of any court. No assignment by a member or beneficiary of any part of the assets to which he or she is or may be entitled, or of any right to or interest in the assets, shall be valid except as specifically provided in this chapter. (Amended 2007, No. 13, § 34.)