§ 29-403
216 words·~1 min read·
/md/state-personnel-and-pensions/29-403·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§29–403.
(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.