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Maryland Code, State Personnel and Pensions § 29-403

Current as of January 01, 2025 | Updated by Findlaw Staff

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

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

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Cite this article: FindLaw.com - Maryland Code, State Personnel and Pensions § 29-403 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-personnel-and-pensions/md-code-st-pers-and-pens-sect-29-403/

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