(1) "Board" means the Public Employees Retirement Board described in ORS 238.630.

(2) "Council" means the Oregon Investment Council created by ORS 293.706.

(3) "Deferred compensation contract" means a written agreement entered into by the state and an eligible state employee under the provisions of ORS 243.440.

(4) "Deferred compensation investment program" means the program established by the Oregon Investment Council under ORS 243.421, for investment of assets of the Deferred Compensation Fund.

(5) "Deferred compensation plan" means a plan established by the state or a local government for the deferral of compensation payable to employees of the state or local government and for the deferral of income taxation on that compensation.

(6) "Eligible state employee" means an officer or employee of a state board, commission, department or other instrumentality of state government, including, but not limited to, all officers and employees of the executive, judicial and legislative branches of state government, but excluding:

(a) Persons engaged as independent contractors, except as otherwise specifically allowed by statute;

(b) Persons who are employed in emergency work and whose periods of employment are on an intermittent or irregular basis; and

(c) Persons who are provided sheltered employment or make-work by the state in an employment or industries program maintained for the benefit of such individuals.

(7) "Fund" means the Deferred Compensation Fund established under ORS 243.411.

(8) "Local government" means a city, county, municipal or public corporation, any political subdivision of the state or any instrumentality thereof, or an agency created by two or more such political subdivisions to provide themselves governmental services.

(9) "Local government deferred compensation plan" means a deferred compensation plan that is established and administered by a local government.

(10) "Local plan participant" means a person participating in a local government deferred compensation plan.

(11) "Participating local government" means a local government that invests all or part of the assets of the deferred compensation plan established by the local government through the deferred compensation investment program.

(12) "State deferred compensation plan" means the deferred compensation plan described in ORS 243.435 for eligible state employees.

(13) "State plan participant" means a person participating in the state deferred compensation plan, either through current or past deferrals of compensation.

(14) "System" means the Public Employees Retirement System established in ORS 238.600. [1997 c.179 §2 (enacted in lieu of 243.400)]