(a) Annual cost-of-living adjustment. An annual cost-of-living adjustment in the amount of periodic benefits payable under a plan shall be determined under the provisions of this subtitle.
(b) Adjustments determined separately for each plan. The amount of any cost-of-living adjustment shall be determined separately with respect to eligible persons of each pension plan on the basis of the assets, liabilities, and reserves allocable to the pension fund of that pension plan, and the pension fund of each pension plan shall be separately liable for any cost-of-living increase.
(c) No adjustment for single payment or returned accumulated contributions. An eligible person is not entitled to a cost-of-living adjustment under this title with respect to benefits paid in a single payment or as the return of accumulated contributions.
(d) Effective date. The amount of the adjustment, if any, shall be effective as of July 1.
(e) Retirement Plan for Appointed and Elected Officials. For the purposes of this subtitle, the Retirement Plan for Appointed and Elected Officials shall be treated as part of the Employees' Retirement Plan, so that all calculations of benefits to eligible persons under those plans shall be based on the combined pension fund established for these plans under § 5-3-102.
(1985 Code, Art. 7, § 7-203) (Bill No. 90-01)