A member's annuity, pension, or retirement allowance under this subchapter and the member's assets in the Retirement System, shall not be exempt from taxation, including income tax, but shall be exempt 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 of any part of such assets to which the member is or may be entitled, or of any interest in such assets, shall be valid, except to the extent permitted by this subchapter. (Added 1971, No. 231 (Adj. Sess.). § 4; amended 1973, No. 117, § 12; 2007, No. 13, § 13.)