2013 Kentucky Revised Statutes CHAPTER 21 - JUDICIAL RETIREMENT 21.480 KRS 21.350 to 21.510 creates vested interest for members who began participating before January 1, 2014 -- Exceptions -- Amendment of benefits and rights.
Download as PDF
21.480 KRS 21.350 to 21.510 creates vested interest for members who began
participating before January 1, 2014 -- Exceptions -- Amendment of
benefits and rights.
(1)
(2)
(3)
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, except as
provided in KRS 6.696, not be subject to reduction or impairment by alteration,
amendment or repeal.
(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.
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.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 31, effective July 1, 2013. -Amended 1993 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 76, effective September
16, 1993. -- Created 1960 Ky. Acts ch. 84, Art. III, sec. 14.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.