Maryland State Personnel and Pensions Section 29-412

      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.