As used in this article, unless a federal law or regulation or the context clearly requires a different meaning:
(a) “Accrued benefit” means on behalf of any member two and one-quarter percent of the members final average salary multiplied by the members years of credited service: Provided, That members who are retired on or retire after July 1, 2018, shall have an accrued benefit of two and one-half percent of the members final average salary multiplied by the members years of credited service. A members accrued benefit may not exceed the limits of Section 415 of the Internal Revenue Code and is subject to the provisions of 7-14D-9a of this code.
(b) “Accumulated contributions” means the sum of all amounts deducted from the compensation of a member, or paid on his or her behalf pursuant to 5-10C-1 et seq. of this code, either pursuant to 7-14D-7 of this code or 5-10-29 of this code as a result of covered employment together with regular interest on the deducted amounts.
(c) “Active member” means a member who is active and contributing to the plan.
(d) “Active military duty” means full-time active duty with any branch of the armed forces of the United States, including service with the National Guard or reserve military forces when the member has been called to active full-time duty and has received no compensation during the period of that duty from any board or employer other than the armed forces.
(e) “Actuarial equivalent” means a benefit of equal value computed upon the basis of the mortality table and interest rates as set and adopted by the retirement board in accordance with the provisions of this article: Provided, That when used in the context of compliance with the federal maximum benefit requirements of Section 415 of the Internal Revenue Code, “actuarial equivalent” shall be computed using the mortality tables and interest rates required to comply with those requirements.
(f) “Annual compensation” means the wages paid to the member during covered employment within the meaning of Section 3401(a) of the Internal Revenue Code, but determined without regard to any rules that limit the remuneration included in wages based upon the nature or location of employment or services performed during the plan year plus amounts excluded under Section 414(h)(2) of the Internal Revenue Code and less reimbursements or other expense allowances, cash, or noncash fringe benefits or both, deferred compensation, and welfare benefits. Annual compensation for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with 5-10D-7 of this code and Section 401(a)(17) of the Internal Revenue Code.
(g) “Annual leave service” means accrued annual leave.
(h) “Annuity starting date” means the first day of the first calendar month following receipt of the retirement application by the board or the required beginning date, if earlier: Provided, That the member has ceased covered employment and reached early or normal retirement age.
(i) “Base salary” means a members cash compensation exclusive of overtime from covered employment during the last 12 months of employment. Until a member has worked 12 months, annualized base salary is used as base salary.
(j) “Beneficiary” means a natural person who is entitled to, or will be entitled to, an annuity or other benefit payable by the plan.
(k) “Board” means the Consolidated Public Retirement Board created pursuant to 5-10D-1 et seq. of this code.
(l) “County commission” has the meaning ascribed to it in 7-1-1 of this code.
(m) “Covered employment” means either: (1) Employment as a deputy sheriff and the active performance of the duties required of a deputy sheriff; (2) the period of time which active duties are not performed but disability benefits are received under 7-14D-14 or 7-14D-15 of this code; or (3) concurrent employment by a deputy sheriff in a job or jobs in addition to his or her employment as a deputy sheriff where the secondary employment requires the deputy sheriff to be a member of another retirement system which is administered by the Consolidated Public Retirement Board pursuant to 5-10D-1 et seq. of this code: Provided, That the deputy sheriff contributes to the fund created in 7-14D-6 of this code the amount specified as the deputy sheriffs contribution in 7-14D-7 of this code.
(n) “Credited service” means the sum of a members years of service, active military duty, disability service, unused annual leave service, and unused sick leave service.
(o) “Deputy sheriff” means an individual employed as a county law-enforcement deputy sheriff in this state and as defined by 7-14-2 of this code.
(p) “Dependent child” means either:
(1) An unmarried person under age 18 who is: