3137

MONTGOMERY COUNTY

SECTION 9. Section 68 (c), title "Cost of living
adjustment" is hereby amended as fellows:

(c) Cost of living adjustment. For the fiscal
year beginning July 1, 1972, and for each fiscal year
thereafter, each retired member or any beneficiary who
survives such member under a pension option shall
receive a cost-of—living adjustment in his base
pension benefits by a ratio as provided hereunder.

(1)  Each retired member shall have a base
which shall be the Consumer Price Index issued closest.
to the end of the calendar year in which the member
retired.

(2)  The Consumer Price Index to be used for
the fiscal year in which the cost-of-living adjustment
is payable shall be the Consumer Price Index issued
closest to the end of the calendar year immediately
preceding the fiscal year in which the adjustment is
to be effective.

(3)   The ratio of adjustment of a retired
member's pension benefits shall be obtained by
dividing the difference between the Consumer Price
Index in subsection (c) (1) and (c)(2) by the base
index in subsection (c) (1).

(4) For the purpose of this section,
Consumer Price Index shall mean the Consumer Price
Index issued for the Washington D.C. Metropolitan Area
fall items) as Published by the United States
Department of Labor Statistics.

(5) All increases in pension benefits are
subject to decreases in the Consumer Price Index upon
which they are based. In no instance, however, shall
a retired member receive less than the amount of
pension benefits for which he was eligible at the time
of his retirement.

SECTION 10. Sections 69(c), title "Discontinued
service pension of County employee members," 69(d),
title "Discontinued service benefits of elective and
appointive members as defined in Sections 94—61(f) and
(g)," 69(f), title "leave of Absence" and 69(g) , title
"Transfer to another County position or office not
covered under the Employees' Retirement System of
Montgomery County" are hereby amended as follows: