Estate of Rankin

OPINION OF THE COURT

ROBERTS, Justice.

The Legislature specifically exempts from estate taxation payments made under various insurance and retirement plans. Section 316 of the Inheritance and Estate Tax Act,1 like the § 303 exemption for insurance proceeds,2 exempts from estate tax virtually all retirement plan benefits that are payable “to distributees designated by decedent or desig*72nated in accordance with the terms of the plan.” The § 316 exemption is unavailable, however, when, prior to death, a decedent had the “right to possess (including proprietary rights at termination of employment),…