“Accumulated additional contributions” means the sum of all additional contributions standing to the credit of a member’s individual account, and interest thereon.

“Accumulated contributions” means accumulated normal contributions plus any accumulated additional contributions standing to the credit of a member’s account.

“Accumulated normal contributions” means the sum of all normal contributions standing to the credit of a member’s individual account, and interest thereon.

“Actuarial equivalent” means a benefit of equal value when computed upon the basis of the mortality tables adopted and the actuarial interest rate fixed by the board.

“Actuarial interest rate” means the interest rate fixed by the board for purposes of actuarial valuation of the assets and liabilities of this system.

“Actuary” means an actuary regularly employed on a full-time or part-time basis by the board.

“Additional contributions” means contributions made by members and their employers in addition to their normal contributions under Article 2 (commencing with Section 20710) of Chapter 8.

“Annual interest rate” means the net earnings rate reduced by 110 basis points for purposes of crediting interest.

“Annuity” means payments for life derived from contributions made by a member.

“Beneficiary” means any person or corporation designated by a member, a retired member, or by statute to receive a benefit payable under this part, on account of the death of a member or a retired member. A member or retired member may also designate the member’s estate as a beneficiary.

“Benefit” means the retirement allowance, basic death benefit, limited death benefit, special death benefit, any monthly allowance for survivors of a member or retired person, the insurance benefit, the partial disability retirement program payment, or refund of accumulated contributions.

“Board” means the Board of Administration of the Public Employees’ Retirement System.

“Contracting agency” means any public agency that has elected to have all or any part of its employees become members of this system and that has contracted with the board for that purpose. “Contracting agency” also means any county office of education, school district, or community college district that has elected to have all or part of its employees participate in a risk pool and that has contracted with the board for that purpose.

“County peace officer service” shall include service rendered in the sheriff’s office of a city and county in positions that were subsequently reclassified as positions within the definition of “county peace officer.”

“County retirement system” means a retirement system established under Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3, the County Employees Retirement Law of 1937.

“Current service” means all state service rendered by a member on and after the date upon which he or she first became a member, service in employment while not a member but after persons employed in the status of the member were eligible for membership, and public service designated as current service under Section 21034.

“Dependent,” in reference to any benefit provided, upon the death of a member, for a surviving dependent parent, or parent dependent upon the member for support, shall mean receipt of at least one-half of the parent’s support from the member at the time of the member’s death determined according to rules of the board.

“Disability” and “incapacity for performance of duty” as a basis of retirement, mean disability of permanent or extended duration, which is expected to last at least 12 consecutive months or will result in death, as determined by the board, or in the case of a local safety member by the governing body of the contracting agency employing the member, on the basis of competent medical opinion.

“Disability,” “disabled,” or “incapacitated” means, with respect to qualification for an allowance payable to a surviving child, inability to engage in any substantial gainful occupation by reason of any physical or mental impairment that is determined by the board, on the basis of competent medical or psychiatric opinion, to be of permanent or extended and uncertain duration.

clearinghouse transaction debiting the person’s bank account and crediting the state’s bank account for the amount of the debit. Banking costs incurred for the automated clearinghouse debit transaction shall be paid by the state.

payment cannot, for good cause, be made according to paragraph (1) or (2), and the use of Fedwire is preapproved by the board. Banking costs incurred for the Fedwire transaction charged to the person and to the state shall be paid by the person originating the transaction.