The following words and phrases as used in this chapter, unless a different meaning is plainly required by the context, have the following meanings:

(1)  “Average compensation” means the average of the annual contractual or yearly salary of an employee during the five (5) consecutive years of employment when average compensation was the highest either: (i) as an employee under the program, or (ii) as a member of the state employees retirement system.

(2)  “Board” means the board of regents for higher education.

(3)  “Employees” means presidents, professors, instructors, or other employees of the board who are eligible to participate in any retirement program by virtue of the terms of the program and who are exempt from the merit system; except as provided in this chapter, if an employee of the board who participates in the program shall change classifications, he or she shall have the option to remain with the program.

(4)  “Retirement program” and “program” means any retirement program adopted by the board of regents for higher education for any of its employees as defined in this section.

(5)  “State colleges” means the University of Rhode Island, Rhode Island College, Community College of Rhode Island, and any other universities, colleges, or schools under the jurisdiction of the board.

(6)  “State employees retirement system” means the retirement system existing by virtue of chapters 8 — 10 of title 36 and made applicable to employees by chapter 17 of this title.