Section 29-412 - Computation of unlimited adjustment [Amendment subject to abrogation]. - Maryland Statutes

§ 29-412. Computation of unlimited adjustment [Amendment subject to abrogation].
 

(a)  In general.- Except as provided in subsection (b) of this section and 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. 

(b)  Computation of adjusted allowance - Fiscal year 2011.- For fiscal year 2011, if the allowance adjusted as provided in subsection (a) of this section is less than the allowance payable for fiscal year 2010, the allowance payable for fiscal year 2011 shall equal the allowance payable for fiscal year 2010. 

(c)  Computation of adjusted allowance - Fiscal year 2012.- For fiscal year 2012, the allowance adjusted as provided in subsection (a) of this section shall be reduced by the difference between the allowance payable for fiscal year 2010 and the allowance that would have been payable for fiscal year 2011 if it had been adjusted under subsection (a) of this section. 
 

[An. Code 1957, art. 73B, §§ 2-413, 3-410, 6-410, 7-409, 8-405, 10-221; 1994, ch. 6, § 2; 2010, chs. 56, 57.]