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§ 29-405. Allowances relating to members who made Selection B 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, § 29-405
§ 29-405. Allowances relating to members who made Selection B elections
Currentness
Application of section
(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).
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 shall be subject to a cost-of-living rate cap of 5%.

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, § 29-405, MD ST PERS & PENS § 29-405
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