(1) "Accumulated contributions" means the sum of all of the amounts deducted from the earnable compensation of a member and paid by the member to establish or reestablish credit for service, which amounts are credited to the member's individual account in this retirement system, together with regular interest thereon.

(2) "Actuarial equivalent" means a benefit of equal value when computed at regular interest upon the basis of the mortality tables adopted by the board.

(3) "Beneficiary" means the living person or persons who are entitled to receive any benefits upon the death of a member and who were designated by the member by written notice to the board. If the person or persons so designated are not living at the time of the death of the member, the beneficiary shall be the estate of the member.

(4) "Board" means the board of trustees established under Code Section 47-4-22 to administer the retirement fund and which is authorized to manage and control the retirement system.

(5) "Commencement date" means July 1, 1970, or as soon thereafter as the board shall determine for the commencement of employer and employee contributions.

(6) "Contributions" means the employer and employee contributions to the retirement system provided for in Code Section 47-4-60.

(7) "Creditable service" means all years and completed months (expressed as a fraction of a year) of prior service and membership service.

(8) Reserved.

(9) "Early retirement date" means the date of retirement under subsection (b) of Code Section 47-4-100.

(10) "Employer" means the State of Georgia.

(11) "Fund" means the Public School Employees Retirement Fund created by this chapter.

(12) "Joint annuitant" means the person designated to receive benefits payable on the death of a member, as provided in Option A.

(13) "Local unit of administration" means any county or independent board of education or political subdivision employing public school employees.

(14) "Member" means any public school employee in the membership of the retirement system.

(15) "Membership service" means service which is rendered as a public school employee while a member of the retirement system and for which credit is allowable under Code Section 47-4-80.

(16) "Normal retirement date" means the date of retirement under subsection (a) of Code Section 47-4-100.

(17) "Option A" and "Option B" mean the optional forms set forth in Code Section 47-4-102 in which a member may elect to receive his retirement benefits.

(18) "Prior service" means service which is rendered as a public school employee prior to the commencement date and for which credit is allowable.

(19) "Public school" means any day school conducted within the state under the authority and supervision of a duly elected or appointed county or independent board of education.

(20) "Public school employee" or "employee" means all those employees of public schools including postsecondary vocational-technical schools governed by the Technical College System of Georgia who are not eligible for membership in the Teachers Retirement System of Georgia or the Employees' Retirement System of Georgia. The term specifically includes, but is not limited to, school bus drivers, school lunchroom personnel, school maintenance personnel, and school custodial personnel. The term does not include teachers or any school personnel who are now, or may hereafter become, covered by the Teachers Retirement System of Georgia or the Employees' Retirement System of Georgia, any person on the payroll of a third party with whom an employer has contracted for the provision of such person's services, or any person classified by an employer as other than a common law employee for federal tax purposes, even if a court or administrative agency determines that such person is a common law employee and not an independent contractor for federal tax purposes. Certain public school employees, as defined in this paragraph, shall have the option to become members of the Teachers Retirement System of Georgia in accordance with subsection (d) of Code Section 47-4-40 or to become members of the Employees' Retirement System of Georgia in accordance with subsection (e) of Code Section 47-4-40, and except as provided by such subsections, any public school employee becoming a member of the Teachers Retirement System of Georgia or the Employees' Retirement System of Georgia shall cease to be a member of the retirement system created by this chapter.

(21) "Regular interest" means compound interest at such rate as shall be determined by the board from time to time, and initially to be set at 4 percent.

(22) "Retirement system" means the Public School Employees Retirement System created by this chapter.

(23) "Service" means service rendered as a public school employee.