4312

COUNTY LOCAL LAWS

Sec. 2. This Act shall take effect on the 76th day
following the date on which it becomes law.

Approved July 21, 1972.

Chapter 12

AN ACT to amend Section 94-68 (c) of Article II, title
"Employees' Retirement System of Montgomery County,"
of Chapter 94, title "Personnel," subtitle "Cost of
Living Adjustment," of the Montgomery County Code
1965, as amended, to provide that cost of living
adjustment for retired employees or any beneficiary
under a pension option shall have as a base date the
consumer price index published as of the date of the
employee's retirement and that the index to be used
for adjustment shall be that index closest to the
end of the fiscal year immediately preceding the
fiscal year in which the adjustment is to be
effective.

BE IT ENACTED BY THE COUNTY COUNCIL FOR MONTGOMERY
COUNTY, MARYLAND, that -

Sec. 1. Section 94-68(c) of Article II, title
"Employees' Retirement System of Montgomery County," of
Chapter 94, title "Personnel," subtitle "Cost of Living
Adjustment," of the Montgomery County Code 1965, as
amended, is hereby repealed and reenacted with
amendments, to read as follows:

94—68. Pension Payment Options and Cost—of—Living
Adjustments.

(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
cost—of—living base which shall be the Consumer Price
Index published as of the date of the member's
retirement.

(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 fiscal year immediately preceding the