(a) This section applies only to an allowance received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree:
(1) of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection B (Limited cost–of–living adjustment); or
(2) who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and had elected Selection B (Limited cost–of–living adjustment).
(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 shall be subject to a cost–of–living rate cap of 5%.
Structure Maryland Statutes
Title 29 - Benefits Other Than Service Retirement Benefits
Subtitle 4 - Cost-of-Living Adjustments
Section 29-402 - Annual Retirement Allowance Adjustment
Section 29-403 - Compound Cost-of-Living Adjustment -- No Rate Cap
Section 29-404 - Simple Cost-of-Living Adjustment -- Three Percent Rate Cap
Section 29-405 - Compound Cost-of-Living Adjustment -- Five Percent Rate Cap
Section 29-406 - Compound Cost-of-Living Adjustment -- Three Percent Rate Cap
Section 29-407 - Effect of Elections; Exceptions
Section 29-408 - Compound Cost-of-Living Adjustment -- Two and One-Half/one Percent Rate Cap