97B.65 REVISION RIGHTS RESERVED -- LIMITATION ON
INCREASE OF BENEFITS -- RATES OF CONTRIBUTION.
The right is reserved to the general assembly to alter, amend, or
repeal any provision of this chapter or any application thereof to
any person, provided, however, that to the extent of the funds in the
retirement system the amount of benefits which at the time of any
such alteration, amendment, or repeal shall have accrued to any
member of the retirement system shall not be repudiated, provided
further, however, that the amount of benefits accrued on account of
prior service shall be adjusted to the extent of any unfunded accrued
liability then outstanding. An increase in the benefits or
retirement allowances provided under this chapter shall not be
enacted until after the system's actuary determines that the system
is fully funded and will continue to be fully funded immediately
following enactment of the increase. However, an increase in the
benefits or retirement allowances provided under this chapter may be
enacted if the increase is accompanied by a change in the employer
and employee contribution rates necessary to support such increase as
determined by the system's actuary.
For future amendment to this section effective July 1, 2011, and
implementation of amendments by 2008 Acts, ch 1171, division II, to
provisions within this chapter, see 2008 Acts, ch 1171, §40, 48, 49
97B.65 REVISION RIGHTS RESERVED -- LIMITATION ON
INCREASE OF BENEFITS -- RATES OF CONTRIBUTION.
The right is reserved to the general assembly to alter, amend, or
repeal any provision of this chapter or any application thereof to
any person, provided, however, that to the extent of the funds in the
retirement system the amount of benefits which at the time of any
such alteration, amendment, or repeal shall have accrued to any
member of the retirement system shall not be repudiated, provided
further, however, that the amount of benefits accrued on account of
prior service shall be adjusted to the extent of any unfunded accrued
liability then outstanding. An increase in the benefits or
retirement allowances provided under this chapter shall not be
enacted until after the system's actuary determines that the system
is fully funded and will continue to be fully funded immediately
following enactment of the increase. However, an increase in the
benefits or retirement allowances provided under this chapter may be
enacted if the increase is accompanied by a change in the employer
and employee contribution rates necessary to support such increase as
determined by the system's actuary.
For future amendment to this section effective July 1, 2011, and
implementation of amendments by 2008 Acts, ch 1171, division II, to
provisions within this chapter, see 2008 Acts, ch 1171, §40, 48, 49
97B.65 REVISION RIGHTS RESERVED -- LIMITATION ON
INCREASE OF BENEFITS -- RATES OF CONTRIBUTION.
The right is reserved to the general assembly to alter, amend, or
repeal any provision of this chapter or any application thereof to
any person, provided, however, that to the extent of the funds in the
retirement system the amount of benefits which at the time of any
such alteration, amendment, or repeal shall have accrued to any
member of the retirement system shall not be repudiated, provided
further, however, that the amount of benefits accrued on account of
prior service shall be adjusted to the extent of any unfunded accrued
liability then outstanding. An increase in the benefits or
retirement allowances provided under this chapter shall not be
enacted until after the system's actuary determines that the system
is fully funded and will continue to be fully funded immediately
following enactment of the increase. However, an increase in the
benefits or retirement allowances provided under this chapter may be
enacted if the increase is accompanied by a change in the employer
and employee contribution rates necessary to support such increase as
determined by the system's actuary.
For future amendment to this section effective July 1, 2011, and
implementation of amendments by 2008 Acts, ch 1171, division II, to
provisions within this chapter, see 2008 Acts, ch 1171, §40, 48, 49
