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§ 29-401. Definitions

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, § 29-401
§ 29-401. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Accumulated cost-of-living adjustment amount
(b)(1) “Accumulated cost-of-living adjustment amount” means the sum of all prior cost-of-living adjustments made to an allowance.
(2) “Accumulated cost-of-living adjustment amount” does not include the cost-of-living adjustment made as of July 1 of the current fiscal year.
Allowance
(c)(1) “Allowance” has the meaning stated in § 20-101 of this article.
(2) “Allowance” includes an annual retirement allowance adjustment payable as of July 1, 1999 to a retiree of the State Police Retirement System who retired on or before June 30, 1999, under § 24-401(e) of this article.
Consumer Price Index
(d) “Consumer Price Index” means the annual average Consumer Price Index (all urban consumers, United States city average, all items, not seasonally adjusted, 1967 = 100) for the calendar year ending December 31 as published by the United States Department of Labor, Bureau of Labor Statistics.
Cost-of-living adjustment
(e) “Cost-of-living adjustment” means the amount by which an allowance is adjusted as of July 1 of a fiscal year.
Cost-of-living rate
(f) “Cost-of-living rate” means the rate computed in accordance with § 29-402(c) of this subtitle that is used to determine a cost-of-living adjustment.
Cost-of-living rate cap
(g) “Cost-of-living rate cap” means the maximum cost- of-living rate that may be used to determine a cost-of-living adjustment in a fiscal year.
Effective date
(h) “Effective date” means:
(1) for an allowance of a former member, a retiree, or the surviving beneficiary of a deceased member, the first day of the month in which an allowance is first paid to the former member, retiree, or surviving beneficiary; or
(2) for an allowance of a surviving beneficiary of a former member or a retiree, the first day of the month in which an allowance was first paid to the former member or retiree.
Initial allowance
(i) “Initial allowance” means a basic allowance or an optional allowance paid in accordance with § 21-403 of this article, not including a cost-of-living adjustment, accumulated cost-of-living adjustment, or any additional annuity.
Selection A (Additional member contributions)
(j) “Selection A (Additional member contributions)” means the retirement selection described in § 22-219 of this article.
Selection B (Limited cost-of-living adjustment)
(k) “Selection B (Limited cost-of-living adjustment)” means the retirement selection described in § 22-220 of this article.
Selection C (Combination formula)
(l) “Selection C (Combination formula)” means the retirement selection described in § 22-221 of this article.

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, § 29-401, MD ST PERS & PENS § 29-401
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