(1) There is created and established:
(a) An excess benefit plan to be known as the Kentucky Judicial Retirement Plan excess benefit plan. The plan is created for the purpose of providing retirement allowances payable from the retirement plan under KRS 21.345 to 21.580 that would otherwise be limited by 26 U.S.C. sec. 415; and (b) A state fund to be known as the Kentucky Judicial Retirement Plan excess benefit fund which shall consist of all the assets of the plan.
(2) The administration and assets of the plan created under this section shall be as set forth in KRS 21.565.