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HARRY HUGHES, Governor
105
(18) AN ALLOWANCE SHALL BE REDUCED BY THE AMOUNT OF
ANY WORKMEN'S COMPENSATION BENEFITS PAID OR PAYABLE AFTER
THE EFFECTIVE DATE OF RETIREMENT ON ACCOUNT OF AN ACCIDENTAL
PERSONAL INJURY OR OCCUPATIONAL DISEASE THAT ARISES OUT OF
AND IN THE COURSE OF THE RETIRED MEMBER'S EMPLOYMENT BY THE
STATE OR PARTICIPATING EMPLOYER, IF THE WORKMEN'S
COMPENSATION BENEFITS ARE PAID OR PAYABLE FOR A PERIOD
DURING WHICH AN ALLOWANCE IS PAID OR PAYABLE AND IF THE
REDUCED ALLOWANCE IS NOT LESS THAN THE MEMBER'S ANNUITY.
THIS PROVISION APPLIES TO BOTH THE RETIRED MEMBER AND ANY
BENEFICIARY DESIGNATED UNDER ANY OPTION AS PROVIDED UNDER
SUBSECTION (12)(A) OF THIS SECTION.
118. ADJUSTMENT OF RETIREMENT ALLOWANCE.
(1) EACH FISCAL YEAR, EACH RETIRED MEMBER'S
RETIREMENT ALLOWANCE, EXCLUSIVE OF ANY ADDITIONAL VOLUNTARY
ANNUITY, SHALL BE ADJUSTED AS PROVIDED IN THIS SECTION.
(2) (A) EACH RETIRED MEMBER SHALL HAVE A BASE WHICH
SHALL BE EITHER THE CONSUMER PRICE INDEX U. S. CITY AVERAGE
-- ALL URBAN CONSUMERS FOR THE CALENDAR YEAR ENDING DECEMBER
31 OF THE FISCAL YEAR IN WHICH HE WAS LAST EMPLOYED, OR THE
SIMILAR CONSUMER PRICE INDEX FOR THE CALENDAR YEAR ENDING
DECEMBER 31 OF THE FISCAL YEAR WHICH PRECEDED THE LAST
RETIREMENT ALLOWANCE ADJUSTMENT, WHICHEVER IS LATER, EXCEPT
THAT AS TO ANY MEMBER WHO DEFERRED HIS RETIREMENT IN
ACCORDANCE WITH § 117(15) OF THIS SUBTITLE, THE BASE SHALL
BE EITHER THE CONSUMER PRICE INDEX U. S. CITY AVERAGE — ALL
URBAN CONSUMERS FOR THE CALENDAR YEAR ENDING DECEMBER 31 OF
THE FISCAL YEAR IN WHICH HE BECAME 62 YEARS OLD, OR THE
SIMILAR CONSUMER PRICE INDEX FOR THE CALENDAR YEAR ENDING
DECEMBER 31 OF THE FISCAL YEAR WHICH PRECEDED THE LAST
RETIREMENT ALLOWANCE ADJUSTMENT, WHICHEVER IS LATER.
(B) THE CONSUMER PRICE INDEX TO BE USED FOR THE
FISCAL YEAR IN WHICH THE RETIREMENT ALLOWANCE IS PAYABLE
SHALL BE THE CONSUMER PRICE INDEX FOR THE CALENDAR YEAR
ENDING DECEMBER 31 OF THE PRECEDING FISCAL YEAR.
(C) THE ADJUSTMENT IN RETIREMENT ALLOWANCE FOR
THE FISCAL YEAR IN WHICH THE RETIREMENT ALLOWANCE IS PAYABLE
SHALL BE THE INITIAL ANNUAL RATE OF RETIREMENT ALLOWANCE
MULTIPLIED BY THE PERCENTAGE CHANGE IN THE CONSUMER PRICE
INDEX IN PARAGRAPH (B) OF THIS SUBSECTION FROM THE CONSUMER
PRICE INDEX IN PARAGRAPH (A) OF THIS SUBSECTION.
(D) THE ADJUSTMENT PROVIDED FOR IN PARAGRAPH
(C) OF THIS SUBSECTION MAY NOT EXCEED 3 PERCENT OF THE
INITIAL ANNUAL RATE OF RETIREMENT ALLOWANCE.
(E) THE TOTAL RETIREMENT ALLOWANCE PAYABLE TO
EACH MEMBER IN ANY FISCAL YEAR SHALL BE THE SUM OF:
(I) THE MEMBER'S INITIAL ANNUAL RATE OF
RETIREMENT ALLOWANCE;
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