B.  Definitions

 

§88-311  Definitions.  The followingwords 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 actuarialpresent value, at the date of valuation, of the increase in the retirementallowance that would be attributable to the years of service being converted toclass H credited service.  The actuarial present value shall be based on ratesand tables recommended by the actuary and adopted by the board.

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

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

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

"Class H credited service" meanscredited service as a class H member, including service described in section88-323.

"Hypothetical account balance" meansthe sum of:

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

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

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

(2)  Any employee contributions, including rolloversand contributions used to convert credited service to class H credited service,or used to purchase service, and accumulated interest on the employeecontributions at the regular interest rate. [L 2004, c 179, pt of §1; am L2005, c 58, §22]