§ 29-407

Maryland § 29-407

• Jurisdiction: Maryland
• Article gsp: State Personnel and Pensions
• Title: 29

Text

(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 of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection C (Combination formula).

(b) Except as provided in subsection (c) or (d) of this section, the Board of Trustees shall adjust an allowance subject to this section:

(1) for creditable service before the effective date of selection, the cost–of–living adjustment as provided by § 29–403 of this subtitle; and

(2) for creditable service on or after the effective date of selection, the cost–of–living adjustment as provided by § 29–406 of this subtitle.

(c) For a member, former member, or retiree who was subject to Selection B (Limited cost–of–living adjustment) before electing Selection C (Combination formula), the Board of Trustees shall adjust an allowance subject to this section:

(1) for creditable service before the effective date of selection, the cost–of–living adjustment as provided by § 29–405 of this subtitle; and

(2) subject to subsection (d) of this section, for creditable service on or after the effective date of selection, the cost–of–living adjustment as provided by § 29–406 of this subtitle.

(d) If an allowance is received by a former member, retiree, or a surviving beneficiary of a deceased member, former member, or retiree who, while a member, was an employee of a participating governmental unit that has not elected the contributory pension benefit or the Alternate Contributory Pension Selection for its members in accordance with § 31–116 or § 31–116.1 of this article, or a former participating governmental unit, other than Frederick County, that has withdrawn before July 1, 1998, the Board of Trustees shall adjust the allowance for creditable service on or after the effective date of selection as provided in § 29–404 of this subtitle.