Maryland State Personnel and Pensions Section 29-418

      (a)      Each fiscal year, the Board of Trustees shall adjust an allowance by multiplying the allowance for the preceding fiscal year, exclusive of any additional voluntary annuity, by a rate not exceeding 5%, that is obtained by dividing the Consumer Price Index for the calendar year ending December 31, in the preceding fiscal year by the Consumer Price Index for the calendar year ending December 31 in the second preceding fiscal year.

      (b)      The adjustment under subsection (a) of this section shall begin the second July 1 after the day preceding the retiree's date of retirement or the former member's effective date for receipt of a vested allowance.

      (c)      The total allowance payable in each fiscal year shall be the sum of:

            (1)      the annual rate of allowance paid during the preceding fiscal year;

            (2)      the adjustment in allowance provided for under this section; and

            (3)      any additional annuity.