Maryland Code, STATE PERSONNEL AND PENSIONS 29-408
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 29-408
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) the Correctional Officers’ Retirement System;
(2) the Employees’ Pension System;
(3) the Law Enforcement Officers’ Pension System;
(4) the State Police Retirement System; or
(5) the Teachers’ Pension System.
(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:
(1) 2.5% if, for the calendar year ending December 31 in the preceding fiscal year, the total investment performance of the several systems equals or exceeds the assumed rate of investment return established by the Board of Trustees in accordance with § 21-125(c) of this article and in effect as of December 31 of the preceding fiscal year; or
(2) 1% if, for the calendar year ending December 31 in the preceding fiscal year, the total investment performance of the several systems does not equal or exceed the assumed rate of investment return established by the Board of Trustees in accordance with § 21-125(c) of this article and in effect as of December 31 of the preceding fiscal year.