§ 36-12.1-4. Definitions. The following words and phrases as used in the act, unless a different meaning is plainly required by the context, shall have the following meanings:

(1) "Actuary" means the actuary retained by the OPEB Board pursuant to § 36-12.1-15 hereof.

(2) "Alternate retirement plans" shall mean those retirement plans provided by the Board of Governors for Higher Education for its non-classified employees, and those of the Office of Higher Education, the University of Rhode Island, Rhode Island College, and the Community College of Rhode Island, pursuant to § 16-17.1-1 et seq.

(3) "Code" means the Internal Revenue Code of 1986, as amended.

(4) "Employee" means all persons who are classified employees as the term "classified employee" is defined under § 36-3-3, and all persons in the unclassified and non-classified service of the state. This includes those non-classified employees of the Board of Governors for Higher Education, the Office of Higher Education, the University of Rhode Island, Rhode Island College, and the Community College of Rhode Island pursuant to § 16-59-1 et seq., who are participants in the Board of Governors' alternate retirement plans.

(5) "Employer" means the state of Rhode Island.

(6) "GAAP" shall mean generally accepted accounting principles.

(7) "GASB" shall mean governmental accounting standards board.

(8) "GASB 43" shall mean the rules promulgated by GASB governing the manner in which financial statements issued by trusts providing OPEB benefits must be prepared in accordance with GAAP, as they may be amended from time to time.

(9) "GASB 45" shall mean the rules promulgated by GASB governing the manner in which financial statements issued by employers providing OPEB Benefits must be prepared in accordance with GAAP, as they may be amended from time to time.

(10) "OPEB" or "OPEB Benefits" shall mean other post employment benefits, and shall include, without limitation, retiree medical, dental, prescription, vision care, life insurance, long term care benefits and similar post-employment benefits for a Retired Employee and/or his or her Dependants.

(11) "OPEB Board" shall mean the board established in § 36-12.1-7 to administer the OPEB System.

(12) "OPEB System" shall mean the Rhode Island Employee's OPEB System as defined in § 36-12.1-5.

(13) "OPEB Trust" shall mean the trust fund or funds, including any sub-funds or sub-trusts created by the OPEB Board pursuant to § 36-12 to hold assets of the OPEB System.

(14) "Party in Interest" shall mean each member of the OPEB Board, each employee of the OPEB Board, any individual or organization that renders advice to the OPEB Board or the OPEB System; any affiliate of such organization, and any member of the immediate family of any such individual.

(15) "Retired Employee", means any person retired from the active service of the state, as determined by the retirement board under § 36-8-1, and also all retired teachers who have elected to come under the OPEB System, or any person who was a non-classified employee of the Board of Governors for Higher Education, the Office of Higher Education, the University of Rhode Island, Rhode Island College, or the Community College of Rhode Island pursuant to § 16-59-1 et seq, and who is a participant in the Board of Governors' alternate retirement plans.

History of Section. (P.L. 2008, ch. 9, art. 4, § 3; P.L. 2011, ch. 363, § 32.)