21.480 KRS 21.350 to 21.510 creates vested interest for members who began

335 words·~2 min read·/ky/21-480

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

participating before January 1, 2014 -- Exception -- Amendment of benefits

and rights.

(1)For members who begin participating in the Judicial Retirement Plan prior to

January 1, 2014, it is hereby declared that in consideration of the contributions by

the members, and in further consideration of benefits received by the state through

the inducement of qualified and experienced judges and commissioners to continue

in service, KRS 21.350 to 21.510, except as provided in KRS 6.696, shall constitute

an inviolable contract of the Commonwealth, and the rights and benefits provided

therein shall, not be subject to reduction or impairment by alteration, amendment or

repeal, except as provided in KRS 6.696.

(a)For members who begin participating in the Judicial Retirement Plan on or

after January 1, 2014, the General Assembly reserves the right to amend,

suspend, or reduce the benefits and rights provided under KRS 21.345 to

21.580 if, in its judgment, the welfare of the Commonwealth so demands,

except that the amount of benefits the member has accrued at the time of

amendment, suspension, or reduction shall not be affected.

(b)For purposes of this subsection, the amount of benefits the member has

accrued at the time of amendment, suspension, or reduction shall be limited to

the accumulated account balance the member has accrued at the time of

amendment, suspension, or reduction.

(c)The provisions of this subsection shall not be construed to limit the General

Assembly's authority to change any other benefit or right specified by KRS

21.345 to 21.580, for members who begin participating in the Judicial

Retirement Plan on or after January 1, 2014, except the benefits specified by

paragraph

(b)of this subsection.

(3)The provisions of this section shall not be construed to limit the General Assembly's

authority to amend, reduce, or suspend the benefits and rights of members of the

Judicial Retirement Plan as provided by KRS 21.345 to 21.580 that the General

Assembly had the authority to amend, reduce, or suspend, prior to July 1, 2013.