(1) The Legislature may make adjustments to or terminate the phased retirement option created under this part, including:
(a) amending phased retirement eligibility, restrictions, scope, or duration provisions;
(b) closing phased retirement to additional retirees; or
(c) terminating phased retirement for all participating retirees.
(2) A participating employer and retiree enter into a phased retirement agreement subject to the adjustments or termination reserved in this section.