§ 29-403. Compound cost-of-living adjustment -- No rate cap.

   (a) Applicability. -- 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.

(b) Computation. -- 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.

(c) In general. -- A cost-of-living adjustment payable under this section is not subject to any cost-of-living rate cap.

(d) Limitation on reduction of allowance. -- A cost-of-living adjustment payable under this section may not reduce an allowance to an amount that is less than the initial allowance.

HISTORY: 2013, ch. 550, § 1, 2; ch. 551, § 1, 2.