§ 36-12.1-4 - Definitions.
SECTION 36-12.1-4
§ 36-12.1-4 Definitions. – The following words and phrases as used in the act, unless a different meaningis plainly required by the context, shall have the following meanings:
(1) "Actuary" means the actuary retained by the OPEB Boardpursuant to § 36-12.1-15 hereof.
(2) "Code" means the Internal Revenue Code of 1986, asamended.
(3) "Employer" means the state of Rhode Island.
(4) "Employee" means all persons who are classified employeesas the term "classified employee" is defined under § 36-3-3, and allpersons in the unclassified and non-classified service of the state. Thisincludes those non-classified employees of the Board of Governors for HigherEducation, 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) "GAAP" shall mean generally accepted accountingprinciples.
(6) "GASB" shall mean governmental accounting standards board.
(7) "GASB 43" shall mean the rules promulgated by GASBgoverning the manner in which financial statements issued by trusts providingOPEB benefits must be prepared in accordance with GAAP, as they may be amendedfrom time to time.
(8) "GASB 45" shall mean the rules promulgated by GASBgoverning the manner in which financial statements issued by employersproviding OPEB Benefits must be prepared in accordance with GAAP, as they maybe amended from time to time.
(9) "OPEB" or "OPEB Benefits" shall mean other postemployment benefits, and shall include, without limitation, retiree medical,dental, prescription, vision care, life insurance, long term care benefits andsimilar post-employment benefits for a Retired Employee and/or his or herDependants.
(10) "OPEB Board" shall mean the board established in §36-12.1-7 to administer the OPEB System.
(11) "OPEB System" shall mean the Rhode Island Employee'sOPEB System as defined in § 36-12.1-5.
(12) "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.
(13) "Party in Interest" shall mean each member of the OPEBBoard, each employee of the OPEB Board, any individual or organization thatrenders advice to the OPEB Board or the OPEB System; any affiliate of suchorganization, and any member of the immediate family of any such individual.
(14) "Retired Employee", means any person retired from theactive 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 OPEBSystem, or any person who was a non-classified employee of the Board ofGovernors for Higher Education, the Office of Higher Education, the Universityof Rhode Island, Rhode Island College, or the Community College of Rhode Islandpursuant to § 16-59-1 et seq, and who is a participant in the Board ofGovernors' alternate retirement plans.
(15) "Alternate retirement plans" shall mean those retirementplans provided by the Board of Governors for Higher Education for itsnon-classified employees, and those of the Office of Higher Education, theUniversity of Rhode Island, Rhode Island College, and the Community College ofRhode Island, pursuant to § 16-17.1-1 et seq.