(a) As used in this act, unless otherwise provided or the context otherwise requires:

(1) “Act” means the Kansas deferred retirement option program act;

(2) “board” means the board of trustees of the Kansas public employees retirement system;

(3) “DROP” means the deferred retirement option program established by Kan. Stat. Ann. § 74-4986m, and amendments thereto;

(4) “DROP account” means the notional account to which is credited the monthly DROP accrual;

(5) “DROP period” means the period of time that a member elects to participate in the DROP pursuant to Kan. Stat. Ann. § 74-4986n, and amendments thereto;

(6) “member” means any member of the Kansas police and firemen’s retirement system who is eligible to participate in the DROP and who elects to participate in the DROP as provided in this act;

(7) “monthly DROP accrual” means the amount equal to the monthly retirement benefit that would have been payable to the member had the member terminated service and retired on the day the member elected; and

(8) “system” means the Kansas police and firemen’s retirement system.

(b) Unless specifically provided in this section or in this act, words and phrases used in this act mean the same as provided under the provisions of Kan. Stat. Ann. § 74-4901 et seq. and 74-4951 et seq., and amendments thereto.