Section 14-42-116 - Retirement systems and benefits(a) No municipality shall hereafter establish any retirement benefit system or plan for members of the governing body of the city or town except cities of the first class, cities of the second class, or incorporated towns which had established such a system or plan before July 3, 1989. However, all systems and plans in existence on or before July 3, 1989, may continue.(b) A city of the first class that had a system or plan under subsection (a) of this section may amend, repeal, or reinstate the system or plan by ordinance.Amended by Act 2023, No. 437,§ 1, eff. 8/1/2023.