§ 61.692

61.692 Benefits not to be reduced or impaired for members who began 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, const itute an inviolable contract of the Commonwealth, and the benefits provided therein shall not be subject to reduction or impairment by alteration, amendment, or repeal. (2) (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 benefi ts the member has accrued at the time of amendment, suspension, or reduction shall not be affected.

5 if, in its judgment, the welfare of the Commonwealth so demands, except that the amount of benefi ts 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 b y 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 construe d 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 sus pend, prior to July 1, 2013.

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 sus pend, prior to July 1, 2013. Effective: July 15, 2024 History: Repealed, reenacted, and amended 2024 Ky. Acts ch. 55, sec. 16, effective July 15, 2024. -- Amended 2018 Ky. Acts ch. 107, sec. 33, effective July 14, 2018. -- Amended 2013 Ky. Acts ch. 120, se c. 70, effective July 1, 2013. -- Amended 1996 Ky. Acts ch. 167, sec. 21, effective July 15, 1996. -- Amended 1993 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 78, effective September 16, 1993. -- Amended 1988 Ky. Acts ch. 349, sec. 29, effective July 15, 1988. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Created 1972 Ky. Acts ch. 116, sec. 60. Legislative Research Commission Note (12/13/2018). On December 13, 2018, the Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch. 107), did not comply with the three -readings rule of Kentucky Constitution Section 46 and that the legislation is, therefore, constituti onally invalid and declared void. That ruling applies to changes made to this statute in that Act.