Section 21.480 - KRS 21.350 to 21.510 creates vested interest for members who began 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.(2)(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.Amended by 2022 Ky. Acts ch. 55,§ 10, eff. 7/13/2022.Amended by 2018 Ky. Acts ch. 107,§ 11, eff. 7/14/2018.Amended by 2013 Ky. Acts ch. 120,§ 31, eff. 7/1/2013.Effective:9/16/1993
Amended 1993 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 76, effective9/16/1993. -- Created 1960 Ky. Acts ch. 84, Art. III, sec. 14.