Retirement Benefit Law and Legal Definition

Retirement benefit means any benefit received upon retiring from employment, under a formal or informal benefit plan. It is also a benefit payable upon the death of one retired to his beneficiary under a retirement plan calling for the payment of amounts periodically by way of pension or retirement money.

Retirement benefits are exempt from taxation, including any inheritance tax, whether state, county, municipal, or district. Also, they are not subject to execution or any other process of court. [Estate of Simpson, 43 Cal. 2d 594, 596 (Cal. 1954)].