Maryland Code, STATE PERSONNEL AND PENSIONS 29-401
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 29-401
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) (1) “Accumulated cost-of-living adjustment amount” means the sum of all prior cost-of-living adjustments made to an allowance.
(2) “Accumulated cost-of-living adjustment amount” does not include the cost-of-living adjustment made as of July 1 of the current fiscal year.
(c) (1) “Allowance” has the meaning stated in § 20-101 of this article.
(2) “Allowance” includes an annual retirement allowance adjustment payable as of July 1, 1999 to a retiree of the State Police Retirement System who retired on or before June 30, 1999, under § 24-401(e) of this article.
(d) “Consumer Price Index” means the annual average Consumer Price Index (all urban consumers, United States city average, all items, not seasonally adjusted, 1967 = 100) for the calendar year ending December 31 as published by the United States Department of Labor, Bureau of Labor Statistics.
(e) “Cost-of-living adjustment” means the amount by which an allowance is adjusted as of July 1 of a fiscal year.
(f) “Cost-of-living rate” means the rate computed in accordance with § 29-402(c) of this subtitle that is used to determine a cost-of-living adjustment.
(g) “Cost-of-living rate cap” means the maximum cost-of-living rate that may be used to determine a cost-of-living adjustment in a fiscal year.
(h) “Effective date” means:
(1) for an allowance of a former member, a retiree, or the surviving beneficiary of a deceased member, the first day of the month in which an allowance is first paid to the former member, retiree, or surviving beneficiary; or
(2) for an allowance of a surviving beneficiary of a former member or a retiree, the first day of the month in which an allowance was first paid to the former member or retiree.
(i) “Initial allowance” means a basic allowance or an optional allowance paid in accordance with § 21-403 of this article, not including a cost-of-living adjustment, accumulated cost-of-living adjustment, or any additional annuity.
(j) “Selection A (Additional member contributions)” means the retirement selection described in § 22-219 of this article.
(k) “Selection B (Limited cost-of-living adjustment)” means the retirement selection described in § 22-220 of this article.
(l) “Selection C (Combination formula)” means the retirement selection described in § 22-221 of this article.