216

LAWS OF MARYLAND

Ch. 24

(1)   WITH RESPECT TO 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 THAT PRECEDED THE LAST
RETIREMENT ALLOWANCE ADJUSTMENT, WHICHEVER IS LATER, EXCEPT
THAT AS TO ANY MEMBER WHO DEFERRED HIS RETIREMENT IN
ACCORDANCE WITH § 145(14) 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 ATTAINED THE AGE OF 62, 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 SUBSECTION (2)(B) OF THIS SECTION FROM THE CONSUMER
PRICE INDEX IN SUBSECTION (2)(A) OF THIS SECTION.

(D)   THE ADJUSTMENT PROVIDED FOR IN SUBSECTION
(2)(C) OF THIS SECTION 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 THE
MEMBER'S INITIAL ANNUAL RATE OF RETIREMENT ALLOWANCE, ALL
PRIOR ADJUSTMENTS IN RETIREMENT ALLOWANCE GRANTED, THE
ADJUSTMENT IN RETIREMENT ALLOWANCE PROVIDED FOR UNDER
SUBSECTION (2)(C) OF THIS SECTION, AND 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.

147. ADMINISTRATION.

(1) RESPONSIBILITY FOR OPERATION. 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
§ 87 OF THIS SUBTITLE. THE BOARD SHALL HAVE THE POWERS AND
DUTIES SET FORTH IN THIS SECTION.