Maryland Code, STATE PERSONNEL AND PENSIONS 29-405
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 29-405
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(a) This section applies only to an allowance received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree:
(1) of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection B (Limited cost-of-living adjustment); or
(2) who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and had elected Selection B (Limited cost-of-living adjustment).
(b) A cost-of-living adjustment payable under this section shall be a compound cost-of-living adjustment computed in accordance with § 29-402(d)(2) of this subtitle.
(c) A cost-of-living adjustment payable under this section shall be subject to a cost-of-living rate cap of 5%.