186

LAWS OF MARYLAND

Ch. 24

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;

(II)  ALL PRIOR ADJUSTMENTS IN RETIREMENT
ALLOWANCE GRANTED;

(III) THE ADJUSTMENT IN RETIREMENT
ALLOWANCE PROVIDED FOR UNDER PARAGRAPH (C) OF THIS
SUBSECTION; AND

(IV)  ANY ADDITIONAL VOLUNTARY ANNUITY.

(F)   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 SECTION.

119. ADMINISTRATION.

(1)   THE GENERAL ADMINISTRATION AND RESPONSIBILITY FOR
THE PROPER OPERATION OF THIS PENSION SYSTEM AND FOR MAKING
THIS SUBTITLE EFFECTIVE ARE VESTED IN THE BOARD OF TRUSTEES
CREATED UNDER § 12 OF THIS SUBTITLE. THE BOARD HAS THE
POWERS AND DUTIES SET FORTH IN THIS SECTION.

(2)   THE ATTORNEY GENERAL OF THE STATE SHALL BE THE
LEGAL ADVISER OF THE BOARD OF TRUSTEES.