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Notwithstanding any law to the contrary, the governing body of any municipality may by ordinance adopt this part to establish and to authorize the payment of the minimum retirement allowance provided in § 6-54-803. The adoption of this part shall not authorize a decrease in the retirement allowance presently being paid to any retired employee. The adoption of this part by a municipality shall be permanent and such action may not be repealed to the detriment of any retired employee or such retired employee's survivor or beneficiary.
If the department of any municipality has more than one (1) retirement system or pension plan for its retired employees, the adoption of this part by the governing body of the municipality shall not affect any provisions of such retirement system or pension plan, except as is necessary to provide the minimum retirement allowance established in subsection (a).
This part shall not apply to retirement allowances of municipal employees under the Tennessee state retirement system.
This part shall not apply to any retirement system, pension plan or division thereof in which the member's or beneficiary's benefits are computed in conjunction with or reduced by social security benefits.