Section 29-422 - The adjustment generally. - Maryland Statutes

§ 29-422. The adjustment generally.
 

(a)  "Effective date of selection" defined.- In this section, "effective date of selection" means the date that the member, former member, or retiree first became subject to Selection C (Combination formula) as provided in § 22-221 of this article. 

(b)  In general.- Except as provided in subsections (c) and (d) of this section, the Board of Trustees shall adjust an allowance described in § 29-421 of this subtitle: 

(1) for creditable service before the effective date of selection, as provided by Part III of this subtitle; and 

(2) for creditable service on or after the effective date of selection, as provided by Part VI of this subtitle. 

(c)  Adjustment for certain individuals.- Subject to subsection (d) of this section, for a member, former member, or retiree who was subject to Selection B (Limited cost-of-living adjustment) before electing Selection C (Combination formula), the Board of Trustees shall adjust an allowance described in § 29-421 of this subtitle: 

(1) for creditable service before the effective date of selection, as provided by Part IV of this subtitle; and 

(2) for creditable service on or after the effective date of selection, as provided by Part VI of this subtitle. 

(d)  Adjustment for certain governmental unit beneficiaries.- If an allowance is received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree who, while a member, was an employee of a participating governmental unit that has not elected the contributory pension benefit of its employees under § 31-116 of this article or a former participating governmental unit, other than Frederick County, that has withdrawn, the Board of Trustees shall adjust the allowance for creditable service on or after the effective date of selection as provided in Part II of this subtitle. 
 

[An. Code 1957, art. 73B, §§ 2-414, 2-415, 2-416, 3-411, 3-412, 3-413; 1994, ch. 6, § 2; 1999, ch. 176, § 1; 2000, ch. 612; 2004, ch. 25, § 6.]