60V-5.001. Definitions

Whenever used in these rules, unless otherwise expressly stated, or unless the context or subject matter requires a different meaning, the following words and terms shall have the meaning indicated: (1) Annuity Contract – means the written agreement between the employee and a provider company. (2) Benefit – means any lump sum payment or annuity payment from a provider company to a participant, beneficiary or estate. (3) Division – means the Division of Retirement. (4) Participant – means any eligible member who has elected to be covered by the Senior Management Service Optional Annuity Program. (5) Plan Year – means the period of time beginning July 1 and ending on the following June 30, both dates inclusive. (6) Provider Company – means one of the companies designated by and under contract with the Division to offer annuity products to participants in the Optional Annuity Program.