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§ 29-408. Allowances relating to certain creditable service earned on or after July 1, 2011

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, § 29-408
§ 29-408. Allowances relating to certain creditable service earned on or after July 1, 2011
Currentness
Application of section
(a) This section applies only to an allowance based on creditable service earned on or after July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of:
(1) the Correctional Officers' Retirement System;
(2) the Employees' Pension System;
(3) the Law Enforcement Officers' Pension System;
(4) the State Police Retirement System; or
(5) the Teachers' Pension System.
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:
(1) 2.5% if, for the calendar year ending December 31 in the preceding fiscal year, the total investment performance of the several systems equals or exceeds the assumed rate of investment return established by the Board of Trustees in accordance with § 21-125(c) of this article and in effect as of December 31 of the preceding fiscal year; or
(2) 1% if, for the calendar year ending December 31 in the preceding fiscal year, the total investment performance of the several systems does not equal or exceed the assumed rate of investment return established by the Board of Trustees in accordance with § 21-125(c) of this article and in effect as of December 31 of the preceding fiscal year.

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, § 29-408, MD ST PERS & PENS § 29-408
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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