61.692 Benefits not to be reduced or impaired for members who began

321 words·~1 min read·/ky/61-692

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

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

and rights.

(1)For members who begin participating in the Kentucky Employees Retirement

System 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 from the member's employment, KRS 61.510 to 61.705 shall, except as

provided in KRS 6.696, constitute an inviolable contract of the Commonwealth, and

the benefits provided therein shall not be subject to reduction or impairment by

alteration, amendment, or repeal.

(a)For members who begin participating in the Kentucky Employees Retirement

System on or after January 1, 2014, the General Assembly reserves the right

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

61.510 to 61.705 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

61.510 to 61.705, except the benefits specified by paragraph

(b)of this

subsection, for members who begin participating in the Kentucky Employees

Retirement System on or after January 1, 2014.

(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

Kentucky Employees Retirement System as provided by KRS 61.510 to 61.705 that

the General Assembly had the authority to amend, reduce, or suspend, prior to July

1, 2013.