B.  Definitions



 



§88-311  Definitions.  The following
words and phrases as used in this part shall have the following meanings,
unless a different meaning is plainly required by the context:



"Actuarial cost" means the actuarial
present value, at the date of valuation, of the increase in the retirement
allowance that would be attributable to the years of service being converted to
class H credited service.  The actuarial present value shall be based on rates
and tables recommended by the actuary and adopted by the board.



"Class A credited service" means
credited service as a class A member, excluding any service converted to class
H credited service pursuant to section 88-322(b).



"Class B credited service" means
credited service as a class B member, excluding any service converted to class
H credited service pursuant to section 88-322(b).



"Class C credited service" means
credited service as a class C member, excluding any service converted to class
H credited service pursuant to section 88-322(a).



"Class H credited service" means
credited service as a class H member, including service described in section
88-323.



"Hypothetical account balance" means
the sum of:



(1)  One and one-half times the sum of:



(A)  Employee contributions made, either by the
member or on behalf of the member, pursuant to section 88-325; and



(B)  Accumulated interest at the regular
interest rate on the employee contributions; and



(2)  Any employee contributions, including rollovers
and contributions used to convert credited service to class H credited service,
or used to purchase service, and accumulated interest on the employee
contributions at the regular interest rate. [L 2004, c 179, pt of §1; am L
2005, c 58, §22]