The following words and phrases as used in this chapter, unless a different meaning is plainly required by the context, shall have the following meanings:
I. “Accumulated contributions” means the sum of all the amounts deducted from the compensation of a member.
II. “Actuarial equivalent” means a benefit of equal value when computed at regular interest upon the basis of the mortality tables last adopted by the board of trustees. The actuarial equivalent shall be based upon an interest rate assumption of 6 percent, and the 1971 Group Annuity Mortality Table (males) for members and the 1971 Group Annuity Mortality Table (males) set back 6 years for spouses or beneficiaries. For purposes of determining the present value of a lump sum payment, the applicable interest rate is the annual interest rate on 30-year Treasury securities for the month before the date of distribution or such other time as the United States Secretary of the Treasury may prescribe by regulations and the applicable mortality table is the mortality table prescribed by the Secretary of the Treasury which shall be based on the prevailing commissioners’ standard table as described in Internal Revenue Code section 807(d)(5)(A) used to determine reserves for group annuity contracts issued on the date as of which present value is being determined. Any changes must be approved by the board of trustees.
III. “Actuary” means:
(a) A member of the American Academy of Actuaries; or
(b) An individual who has demonstrated to the satisfaction of the board of trustees that such individual has the educational background necessary for the practice of actuarial science and has had at least 7 years of actuarial experience.
IV. “Beneficiary” means any person receiving a retirement allowance or other benefit as provided in this chapter.
V. “Board of trustees” or “board” means the board provided for in N.H. Rev. Stat. § 100-C:11.
VI. “Creditable service” means prior service plus membership service, as provided in N.H. Rev. Stat. § 100-C:4.
VII. “Earnable compensation” means a member’s annual salary. The annual compensation that may be taken into account in determining contributions to a member or the benefit of a member may not exceed $150,000, or such greater amount as permitted under section 401(a)(17) of the Internal Revenue Code.
VIII. “Judicial retirement plan” or “plan” means the New Hampshire judicial retirement plan as defined in N.H. Rev. Stat. § 100-C:2.
IX. “Member” means any full-time supreme court, superior court, or circuit court judge.
X. “Member annuity” means annual payments for life derived from the accumulated contributions of the member.
XI. “Membership service” means service rendered while a member of the judicial retirement plan.
XII. “Predecessor system” means any state retirement plans or systems for judges in effect prior to the date of implementation of the judicial retirement plan by this chapter.
XIII. “Regular interest” means interest at such rate or rates compounded annually as may be set from time to time by the board of trustees.
XIV. “Retirement” means withdrawal from active service with a retirement allowance granted under the provisions of this chapter.
XV. “Retirement allowance” means the sum of the member annuity and the state annuity. All retirement allowances shall be payable in equal monthly installments which shall cease with the last monthly payment prior to death, unless otherwise specifically provided for in this chapter; provided, however, that if the retirement allowance is less than $10 per month, it may be paid, at the discretion of the board of trustees, in quarterly or semiannual installments due at the midpoint of such period, or in a lump sum of equivalent actuarial value.
XVI. “Retirement system” means the New Hampshire retirement system as defined in N.H. Rev. Stat. § 100-A:2.
XVII. “Service” means service as a supreme court, superior court, full-time district court, or full-time probate court justice.
XVIII. “State” means the state of New Hampshire.
XIX. “State annuity” means annual payments for life derived from contributions by the state.
XX. [Repealed.]