No portion of the fund, whether in cash, credits, or securities, either before or after its distribution by the board to the person or persons entitled thereto, shall be held, seized, taken, subjected to, detained, or levied upon by virtue of any attachment, garnishment, execution, writ, order, decree, or other process issued out of any court of this state for the satisfaction of any debt, demand, claim, judgment, or decree against any beneficiary of the fund. Nor shall any assignment be made of any portion of the fund, or of any right or interest therein, by any beneficiary or prospective beneficiary thereof; assignments or attempted assignments shall be void. The fund shall be kept, held, and distributed in accordance with this part and for no other purpose. No act of the board, of the governing body of the city, or of any individual, which is authorized or required to be taken under this part, shall create any contractual or vested right hereunder; the Legislature reserves the right to amend, alter, or repeal any and every provision hereof.

(Acts 1947, No. 13, p. 7, § 27.)