The Board of Supervisors shall have the continuing right and power to amend or supplement
this Article at any time, which right and power is hereby expressly reserved. But
no amendment shall be made unless an actuarial report has been filed with the Board
of Supervisors as to its effect upon the System and no amendment shall be adopted
which shall reduce the then accrued benefits of members or beneficiaries below the
extent they are then covered by accumulated reserves, which reserves shall constitute
a trust fund for the payment of such benefits. At least 30 days prior to the public
hearing before the Board of Supervisors on any proposed amendment, the Board of Trustees
of the System shall be provided with the text of the proposed amendment to provide
it the opportunity to submit its comments on the proposed amendment to the Board of
Supervisors; provided, this limitation shall not prevent the Board of Supervisors
from adopting an emergency amendment under Section 15.2-504 of the Virginia Code. (20-81-3; 27-90-3, § 1; 2-16-3.)
