The text
The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Actuary means a member of the Society of Actuaries, or an organization employing such a member, appointed and compensated by the pension board to render actuarial service with respect to this plan.
Average final compensation means the average annual base pay (exclusive of longevity pay, incentive pay or holiday pay) of a member during the three consecutive paid years of servicing providing the highest average.
Beneficiary means any person who may be entitled to receive any death benefit which may be payable as provided under this chapter.
Compensation means wages or salary, including temporary increases or decreases thereof.
Contingent annuitant means the person, if any, whom a member shall have designated to receive annuity payments following the death of such member as provided in the contingent annuitant option.
Credited service means the latest period of continuous employment of a member by the town, up to and including such member's actual retirement date or the date of death, discharge or termination of employment if such occurs prior to the actual retirement date. Credit for a full year of service shall be given where absences within the year due to disability and leave of absence do not exceed 30 days in any 12-month period, except as may be specifically provided otherwise by action of the pension board. For the purpose of computations involving credited service, fractional parts of a year shall include all completed months of employment.
Employee means any person employed by the town who is required by position to serve the town continuously for at least five months of a year and for at least 20 hours per week during the town's usual business hours, provided that such term shall not include employees of the school department who have been, are or shall be eligible for membership in the state teachers' retirement system.
Member means an employee who is eligible under the terms of general eligibility. It shall not include in its meaning a retired member or a terminated member.
Municipal employee means any person employed by the town who is required by position to serve the town continuously for at least five months of a year and for at least 20 hours per week during the town's usual business hours, provided that such term shall not include employees of the school department who have been, are, or shall be eligible for membership in the state teachers' retirement system but shall include, unless otherwise specified, employees of the school department who by virtue of a collective bargaining agreement are entitled to be members of this pension plan.
Normal cost means the cost of benefit accruals less expected employee contributions is the net normal cost as a percentage of payroll as found in the annual actuarial valuation. The normal cost will be taken from the last actuarial valuation and used for the entire calculation at time of purchase.
Pension board means the pension board established to administer the provisions of this chapter as provided for in section 58-22.
Pension fund means the fund managed and controlled by the pension board for the purpose of providing benefits pursuant to this article.
Plan means the pension plan set forth in this article and all subsequent amendments thereto.
Regular interest means the annual rate of interest, as determined from time to time by the pension board, to be credited to the accumulated contributions of each member. The interest shall be compounded annually as the pension board shall determine, and such interest refers to employee contributions.
Retired member means a person who has been a member and who is receiving retirement benefits under this article.
Retirement date means the date as of which a member, or a terminated member entitled to a vested interest under this article, actually retired and benefit payments commence to accrue.
Terminated member means a person who has been a member but who is no longer an employee and whose status as an employee has been terminated other than by death, retirement or leave of absence. A terminated member shall have no status whatsoever under this plan except as provided in this article.
(Ch. 523, § 2, 8-20-1984; Code 1986, § 16-1; Ch. 696, § 1, 1-21-1992; Ch. 816, § 16-1, 5-20-2002; Ch. 940, § 1, 3-7-2011; Ch. 1138, § 1, 7-7-2025)
Cross reference— Definitions generally, § 1-2.