Terms Used In Rhode Island General Laws > Chapter 36-10.3 - Defined Contribution Retirement Plan

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• board: shall mean the retirement board of the Employees Retirement System of Rhode Island as defined in chapter 8 of this title. See Rhode Island General Laws 36-10.3-1
• commission: means the state investment commission as defined in § 35-10-1. See Rhode Island General Laws 36-10.3-1
• Compensation: means compensation as defined in § 36-8-1(8). See Rhode Island General Laws 36-10.3-1
• Contract: A legal written agreement that becomes binding when signed.
• Employee: means an employee as defined in §§ 36-8-1(9) and 45-21-2(7) and a teacher as defined in § 16-16-1(12), effective July 1, 2012; provided however, effective July 1, 2015, "employee" shall not include any employee with twenty (20) or more years of total service as of June 30, 2012, in the employees retirement system under chapters 8 through 10 of title 36 or chapter 16 of Title 16 (ERS), or the municipal employees retirement system under chapter 21 of Title 45 (MERS). See Rhode Island General Laws 36-10.3-1
• Employer: means the State of Rhode Island or the local municipality which employs a member of the Employees Retirement System under chapters 8 through 10 of title 36 or chapter 16 of Title 16 (ERS) or the Municipal Employees Retirement System under chapters 21 and 21. See Rhode Island General Laws 36-10.3-1
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Plan: means the retirement plan established by this chapter. See Rhode Island General Laws 36-10.3-1
• public safety member: shall mean a member of MERS who is a municipal fire fighter or a municipal policeman or policewoman as defined in Rhode Island General Laws 36-10.3-1
• Regular member: means :

  (i)  An employee who is a member of ERS other than correctional officers as defined in Rhode Island General Laws 36-10.3-1

• Supplemental employer: includes any employer that provides supplemental contributions to the defined contribution retirement plan as provided in Rhode Island General Laws 36-10.3-1
• Trustee: A person or institution holding and administering property in trust.