§ 29-402. Application of subtitle
West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2013
Effective: July 1, 2013
MD Code, State Personnel and Pensions, § 29-402
§ 29-402. Application of subtitle
(a)(1) This subtitle applies only to an allowance paid to a former member, a retiree, or the surviving beneficiary of a deceased member, former member, or retiree of:
(b)(1) Except as provided in paragraph (2) of this subsection, each fiscal year, the Board of Trustees shall adjust an allowance as provided in this subtitle.
(c)(1) Except as provided in paragraph (2) of this subsection, and subject to subsection (f) of this section, to determine the cost-of-living rate used to adjust an allowance in a fiscal year, the Board of Trustees shall:
(d)(1) A cost-of-living adjustment payable in a fiscal year shall be determined as provided in this subsection.
(e) The total allowance payable in any fiscal year shall be the sum of:
(f)(1) In this subsection, “zero rate fiscal year” means any fiscal year when the cost-of-living rate calculated under subsection (c) of this section is less than 0%.
1. for a fiscal year that follows immediately after a zero rate fiscal year, the cost-of-living rate determined under subsection (c) of this section shall be reduced by the difference between 0% and the cost-of-living rate that would have been determined under subsection (c) of this section for the preceding fiscal year without regard to paragraph (2) of this subsection; and
2. for a fiscal year that follows immediately after 2 or more consecutive zero rate fiscal years, the cost-of-living rate determined under subsection (c) of this section shall be reduced by the difference between 0% and the total cost-of-living rate that would have been determined under subsection (c) of this section for each of those fiscal years without regard to paragraph (2) of this subsection.
(iii) If the rate reduction required for any fiscal year under subparagraph (ii) of this paragraph would reduce the cost-of-living rate for the fiscal year to be less than 0%, the difference between 0% and the excess rate reduction shall be deducted from the cost-of-living rate in future years, subject to paragraph (2) of this subsection, until the total required rate reduction has been fully applied.
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, § 29-402, MD ST PERS & PENS § 29-402
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.
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