(2) means the sum of all the ‘Accumulated contributions’ amounts deducted from the compensation of a member and credited to the s individual account in the employee member’ annuity savings fund, together with regular interest on the account, as provided in this chapter. (3) Active means a member who is compensated by member’ an employer participating in the system and who is making regular retirement contributions to the system. (4) means a benefit of equal value when ‘Actuarial equivalent’ computed on the basis of the tables and regular interest rate last adopted by the board authority, as provided in Section 9–11–30. (5) additional means the sum of all ‘Aggregate contributions’ the contributions made by a member pursuant to Section 9–11–210 in effect before July 1, 1974, and any amounts transferred from another fund which are treated as additional contributions pursuant to Section 9–11–210 in effect before July 1, 1974, or Section as amended as of that date. (6) means the sum of all the amounts ‘Aggregate contributions’ deducted from the compensation of a member and credited to the individual account in the system, including any amounts member’s transferred from another fund to the system as provided in Section 9–11–210(6). (7) final compensation after July 1, means the ‘Average 1986’ average annual compensation of a member during the twelve consecutive quarters of the creditable service on which member’s regular contributions as a member were made to the system producing the highest average; a quarter means a period January through March, April through June, July through September, or October through December. An amount up to and including termination pay for unused annual leave at retirement days’ may be added to the average final compensation. Average final compensation for an elected official may be calculated as the average annual earnable compensation for the thirty–six consecutive months prior to the expiration of his term of office. (8) means a person in receipt of a retirement ‘Beneficiary’ allowance or other benefit provided by the system. (9) means the State Budget and Control ‘Board’ ‘Department’ Board Department of Administration acting through its Division of Retirement Systems Division. (9A) means the State Contracts and Accountability ‘Authority’ Authority. (10) one means credited service which is not ‘Class service’ class two service.
(2) ‘Accumulated contributions’ means the sum of all the amounts deducted from the compensation of a member and credited to the member’ s individual account in the employee annuity savings fund, together with regular interest on the account, as provided in this chapter. (3) Active member’ means a member who is compensated by an employer participating in the system and who is making regular retirement contributions to the system. (4) ‘Actuarial equivalent’ means a benefit of equal value when computed on the basis of the tables and regular interest rate last adopted by the board authority, as provided in Section 9–11–30. (5) ‘Aggregate additional contributions’ means the sum of all the contributions made by a member pursuant to Section 9–11–210 in effect before July 1, 1974, and any amounts transferred from another fund which are treated as additional contributions pursuant to Section 9–11–210 in effect before July 1, 1974, or Section as amended as of that date. (6) ‘Aggregate contributions’ means the sum of all the amounts deducted from the compensation of a member and credited to the member’s individual account in the system, including any amounts transferred from another fund to the system as provided in Section 9–11–210(6). (7) ‘Average final compensation after July 1, 1986’ means the average annual compensation of a member during the twelve consecutive quarters of the member’s creditable service on which regular contributions as a member were made to the system producing the highest average; a quarter means a period January through March, April through June, July through September, or October through December. An amount up to and including days’ termination pay for unused annual leave at retirement may be added to the average final compensation. Average final compensation for an elected official may be calculated as the average annual earnable compensation for the thirty–six consecutive months prior to the expiration of his term of office. (8) ‘Beneficiary’ means a person in receipt of a retirement allowance or other benefit provided by the system. (9) ‘Board’ ‘Department’ means the State Budget and Control Board Department of Administration acting through its Division of Retirement Systems Division. (9A) ‘Authority’ means the State Contracts and Accountability Authority. (10) ‘Class one service’ means credited service which is not class two service.
3066_20120503.docx