As used in this chapter, the following terms, unless the context requires a different interpretation, have the following meanings:

(1)  “Retirement board” or “board” means the retirement board of the Employees’ Retirement System of the State of Rhode Island as defined in chapter 8 of this title.

(2)  “Actuary” means the actuary selected from time to time and employed by the board in accordance with chapter 8 of this title.

(3)  “Plan” or “plans” means any plan or plans that are part of the following public retirement systems: the Employees’ Retirement System of Rhode Island (ERS); the Municipal Employees’ Retirement System of Rhode Island (MERS); the Rhode Island State Police Retirement Benefits Trust (SPRBT); and the Rhode Island Judicial Retirement Benefits Trust (JRBT).

(4)  “Funded percentage” means the percentage equal to a fraction- the numerator of which is the actuarial value of the plan’s assets, as determined by the actuary, and the denominator of which is the accrued liability of the plan, determined by the actuary using actuarial assumptions approved by the board.