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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE PERSONNEL AND PENSIONS |
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DIVISION II. PENSIONS |
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TITLE 29. BENEFITS OTHER THAN SERVICE RETIREMENT BENEFITS |
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SUBTITLE 4. COST-OF-LIVING ADJUSTMENTS. |
§ 29-405. Compound cost-of-living adjustment -- Five percent rate cap.
Latest version.
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(a) Applicability. -- 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).
(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 shall be subject to a cost-of-living rate cap of 5%.