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§ 29-403. Allowances relating to members who made Selection A elections

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2013

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 29. Benefits Other than Service Retirement Benefits
Subtitle 4. Cost-of-Living Adjustments (Refs & Annos)
Effective: July 1, 2013
MD Code, State Personnel and Pensions, § 29-403
§ 29-403. Allowances relating to members who made Selection A elections
Currentness
Application of section
(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.
Compound 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.
Cost-of-living rate cap
(c) A cost-of-living adjustment payable under this section is not subject to any cost-of-living rate cap.
Restrictions on cost-of-living adjustment
(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.

Credits

Added by Acts 2013, c. 550, § 2, eff. July 1, 2013; Acts 2013, c. 551, § 2, eff. July 1, 2013.
MD Code, State Personnel and Pensions, § 29-403, MD ST PERS & PENS § 29-403
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document