Maryland Statutes
Subtitle 4 - Cost-of-Living Adjustments
Section 29-403 - Compound Cost-of-Living Adjustment -- No Rate Cap

(a)    This section applies only to:
        (1)    an allowance of a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree:
            (i)    of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection A (Additional member contributions);
            (ii)    who transferred to the Local Fire and Police System from the Employees’ Retirement System; or
            (iii)    who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and had elected Selection A (Additional member contributions);
        (2)    an allowance based on creditable service earned before July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of:
            (i)    the Correctional Officers’ Retirement System; or
            (ii)    the State Police Retirement System; and
        (3)    an additional annual allowance adjustment payable to a retiree or the beneficiary of a retiree of the State Police Retirement System under § 24–401(e) of this article.
    (b)    A cost–of–living adjustment payable under this section shall be a compound cost–of–living adjustment computed in accordance with § 29–402(d)(2) of this subtitle.
    (c)    A cost–of–living adjustment payable under this section is not subject to any cost–of–living rate cap.
    (d)    A cost–of–living adjustment payable under this section may not reduce an allowance to an amount that is less than the initial allowance.

Structure Maryland Statutes