(1) It is declared to be the policy of the General Assembly to extend the federal old-age, survivors, disability, and hospital insurance coverage to all public employees regardless of whether the employees are occupying positions which are covered by a retirement system; but no employee occupying a position to which KRS 161.220 to 161.710 are applicable shall be held to fall within the class of persons sought to be affected by this statement of policy except for employees of the state universities and public junior colleges.
(2) It is also the policy of the General Assembly that the protection afforded public employees by membership in a retirement system or by the right to receive periodic benefits under a retirement system will not be impaired as a result of any agreement made between the Commonwealth and the commissioner pursuant to KRS 61.410 to 61.500.
(3) The General Assembly ratifies the extension of federal old-age, survivors, disability, and hospital insurance coverage to public employees in positions covered by a retirement system prior to June 14, 1962, if the procedures specified by former KRS 61.430(6) were substantially followed.