HARRY HUGHES, Governor

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(3)  A MEMBER WHO SELECTS THE RETIREMENT ALLOWANCE AS
PROVIDED IN THIS SECTION SHALL RECEIVE A RETIREMENT ALLOWANCE FOR
ALL CREDITABLE SERVICE AS FOLLOWS:

(A)  FOR SERVICE RETIREMENT AS PROVIDED BY § 11(3)(A)
OF THIS ARTICLE;

(B)  FOR EARLY RETIREMENT FOR SERVICE AS PROVIDED BY §
11(3)(A)(I) OF THIS ARTICLE;

(C)  FOR RETIREMENT FOR ORDINARY DISABILITY AS
PROVIDED BY § 11(5) OF THIS ARTICLE; AND

(D)  FOR RETIREMENT FOR ACCIDENTAL DISABILITY AS
PROVIDED BY § 11(7) OF THIS ARTICLE.

(4)  A MEMBER WHO SELECTS THE RETIREMENT ALLOWANCE AS
PROVIDED IN THIS SECTION SHALL HAVE THE RETIREMENT ALLOWANCE
ADJUSTED AS FOLLOWS:

(A)  FOR ALL FISCAL YEARS BEGINNING THE SECOND JULY 1
FOLLOWING THE DAY PRECEDING THE MEMBER'S DATE OF RETIREMENT, THE
RETIREMENT ALLOWANCE PAID DURING THE PRIOR FISCAL YEAR, EXCLUSIVE
OF ANY ADDITIONAL VOLUNTARY ANNUITY, SHALL BE ADJUSTED BY THE
PERCENTAGE CALCULATED BY THE CONSUMER PRICE INDEX FOR THE
CALENDAR YEAR ENDING DECEMBER 31 IN THE PRECEDING FISCAL YEAR
DIVIDED BY THE CONSUMER PRICE INDEX FOR THE CALENDAR YEAR ENDING
DECEMBER 31 IN THE SECOND PRECEDING FISCAL YEAR;

(B)  THE ADJUSTMENT PROVIDED FOR IN PARAGRAPH (A) OF
THIS SUBSECTION (4) SHALL NOT EXCEED 5 PERCENT OF THE ANNUAL RATE
OF RETIREMENT ALLOWANCE PAID DURING THE PRIOR FISCAL YEAR;

(C)  FOR PURPOSES OF THIS SUBSECTION (4), CONSUMER
PRICE INDEX SHALL MEAN THE CONSUMER PRICE INDEX, U.S. CITY
AVERAGE - ALL URBAN CONSUMERS AS OF DECEMBER 31 AS PUBLISHED BY
THE UNITED STATES DEPARTMENT OF LABOR;

(D)  THE TOTAL RETIREMENT ALLOWANCE PAYABLE IN EACH
FISCAL YEAR SHALL BE THE SUM OF:

(I)  THE MEMBER'S ANNUAL RATE OF RETIREMENT
ALLOWANCE PAID DURING THE PRIOR FISCAL YEAR;

(II)  THE ADJUSTMENT IN RETIREMENT ALLOWANCE
PROVIDED FOR UNDER THIS SUBSECTION (4); AND

(III)  ANY ADDITIONAL VOLUNTARY ANNUITY; AND

(E)  THE ALLOWANCE OF A SURVIVING BENEFICIARY OF A
MEMBER OR A RETIRED MEMBER SHALL, WHEN AND IF PAYABLE, BE
ADJUSTED IN THE SAME MANNER AS PROVIDED IN THIS SUBSECTION.