exempt

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exempt

(ĕg-zĕmpt′, ĭg-) [L. eximere, to take out, release, free]
Free from oversight or supervision by any regulation or authority.
References in periodicals archive ?
(109) In 2005, the Court heard the case, revisiting its discussion in Patterson, and reaffirming its statements by expressly determining that IRAs are included in bankruptcy estates, but are exemptible under Section 522(d)(10)(E) of the Bankruptcy Code.
The Court reasoned that the common thread among a stock bonus, pension, profit-sharing, or annuity plan or contract is that "they provide income that substitutes for wages earned as salary or hourly compensation." (120) That similarity logically followed the other types of payments exemptible under Section 522(d)(10), all of which relate to income that substitutes for wages.
Sufficient status to qualify an individual for exemption at the discretion of his employer would be determined by a simplified version of the economic realities test, except the proposed test would seek to show that an individual is exemptible rather than a partner; nonexempt rather than an employee.