6-2-1. Liquidation authorized--Vested rights protected.
80 words·~1 min read·
/sd/title-6/chapter-6-2/6-2-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Authority is herewith granted any governmental subdivision of this state to liquidate any pension, annuity, or other retirement program existing between the subdivisions of government and its employees where no vested rights in the employees are involved, or, where vested rights are involved, to liquidate such a program with the consent of all the employees covered by the program. Liquidation may be had in such instances by formal action of the governing body of the subdivision of government, without more.