Ch. 6                                  .         1994 LAWS OF MARYLAND

29-412. COMPUTATION OF ADJUSTMENT.

SUBJECT TO § 29-413 OF THIS SUBTITLE, EACH FISCAL YEAR, THE BOARD OF
TRUSTEES SHALL ADJUST AN INITIAL ALLOWANCE BY MULTIPLYING THE INITIAL
ALLOWANCE BY THE FRACTION THAT HAS:

(1) AS ITS NUMERATOR, THE CONSUMER PRICE INDEX FOR THE

CALENDAR YEAR ENDING DECEMBER 31 OF THE PRECEDING FISCAL YEAR; AND
(2) AS ITS DENOMINATOR:

(I)       FOR A RETIREE; THE BENEFICIARY OF A RETIREE, OR THE
SURVIVING SPOUSE OF A MEMBER, THE. CONSUMER PRICE INDEX FOR THE
CALENDAR YEAR ENDING DECEMBER 31 OF THE FISCAL YEAR IN WHICH THE
RETIREE OR MEMBER WAS LAST EMPLOYED; OR

(II)     FOR A FORMER MEMBER OR THE BENEFICIARY OF A FORMER
MEMBER, THE CONSUMER PRICE INDEX FOR THE CALENDAR YEAR. ENDING
DECEMBER 31 OF THE FISCAL YEAR IN WHICH THE FORMER MEMBER REACHES
NORMAL RETIREMENT AGE.                                                       

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, §§ 2-413(b), 3-410(b), 6-410(b), 7-409(b),
8-405(b)(3), and 10-221(b)(2).

Defined terms: "Beneficiary" § 20-101                                     

"Board of Trustees" § 20-101
"Consumer Price Index" § 29-401
"Former member" § 20-101
"Initial allowance" § 29-401
"Member" § 20-101
"Normal retirement age" § 20-101
"Retiree" § 20-101

29-413.- MINIMUM BENEFITS.

(A)     IN GENERAL.

A RETIREE MAY NOT RECEIVE LESS THAN THE BENEFITS TO WHICH THE
RETIREE OTHERWISE WOULD BE ENTITLED UNDER THIS DIVISION II.

(B)      RETIREES ON OR BEFORE JUNE 30, 1973.

(1)      THIS SUBSECTION APPLIES TO RETIREES OF:

(I)       THE EMPLOYEES' RETIREMENT SYSTEM;

(II)     THE STATE POLICE RETIREMENT SYSTEM; OR

(III)    THE TEACHERS' RETIREMENT SYSTEM.

(2)      A RETIREE WHO RETIRED ON OR BEFORE JUNE 30, 1973, MAY NOT
RECEIVE LESS THAN THE BENEFITS THE RETIREE HAD RECEIVED BEFORE THAT
DATE.

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