Definitions.
The definitions in this section apply throughout this subchapter unless the context clearly requires otherwise.
(1) "Member" or "beneficiary" means:
(a) Current and future law enforcement officers and firefighters who are contributing to the plan;
(b) Retired employees or their named beneficiaries who receive benefits from the plan; and
(c) Separated vested members of the plan who are not currently receiving benefits.
(2) "Plan" means the law enforcement officers' and firefighters' retirement system plan 2.
(3) "Actuary" means the actuary employed by the board of trustees.
(4) "State actuary" means the actuary employed by the department.
(5) "Board" means the board of trustees.
(6) "Board member" means a member of the board of trustees.
(7) "Department" means the department of retirement systems.
(8) "Minimum benefits" means those benefits provided for in chapter 41.26 RCW as of July 1, 2003.
(9) "Employer" means the same as under *RCW 41.26.030(2)(b).
(10) "Enrolled actuary" means an actuary who is enrolled under the employee retirement income security act of 1974 (Subtitle C of Title III) and who is a member of the society of actuaries or the American academy of actuaries.
(11) "Increased benefit" means a benefit in addition to the minimum benefits.
(12) "Trust" means the assets of the plan.
(13) "Benefits" means the age or service or combination thereof required for retirement, the level of service and disability retirement benefits, survivorship benefits, payment options including a deferred retirement option plan, average final compensation, postretirement cost-of-living adjustments, including health care and the elements of compensation. Benefits shall not include the classifications of employment eligible to participate in the plan.
(14) "Actuarially sound" means the plan is sufficiently funded to meet its projected liabilities and to defray the reasonable expenses of its operation based upon commonly accepted, sound actuarial principles.
[ 2003 c 2 s 3 (Initiative Measure No. 790, approved November 5, 2002).]