As used in this article 31, unless the context otherwise requires:

1. (1) Actuarially sound means a police officers' or firefighters' pension fund determined by the board to be receiving or scheduled to receive employer and member contributions in each fiscal year equal to the annual contributions actuarially determined to be necessary to pay the annual current service cost of pension benefits attributable to active employees and to pay the annual contribution necessary to amortize any unfunded accrued liability over a period not to exceed forty years. The actuarial cost method to be utilized shall be the entry age-normal cost method. The date from which unfunded liabilities shall be amortized shall be determined pursuant to part 3 of article 30.5 of this title.
2. (2) Board means the board of directors established as the governing body of the fire and police pension association as provided in section 31-31-201 (2).
3. (3) Employer means any municipality in this state offering police or fire protection service employing one or more members and any special district, fire authority, or county improvement district in this state offering fire protection service employing one or more members.
4. (4) Member means an active employee who is a full-time salaried employee of a municipality, fire protection district, fire authority, or county improvement district normally serving at least one thousand six hundred hours in any calendar year and whose duties are directly involved with the provision of police or fire protection, as certified by the member's employer. For purposes of the statewide money purchase plan, member also includes an active employee who works less than sixteen hundred hours per year but otherwise qualifies as a member and whose employer elects to treat all such other similar employees as members. The term does not include clerical or other personnel whose services are auxiliary to police protection, or any volunteer firefighter, as such term is defined in section 31-30-1102 (9). For the purpose of participation in the defined benefit component of the statewide retirement plan pursuant to article 31.5 of this title 31 or the statewide money purchase plan pursuant to part 5 of this article 31, but not for the purpose of participation in the statewide death and disability plan pursuant to part 8 of this article 31, the term may include clerical or other personnel employed by a fire protection district, fire authority, or county improvement district, whose services are auxiliary to fire protection. For the purpose of eligibility for disability or survivor benefits, member includes any employee on an authorized leave of absence.

5. (5) Money purchase plan or money purchase pension plan means a retirement plan under which:

   1. (a) The employer has a fixed obligation to make an annual contribution to the plan;
   2. (b) The plan provides for an individual account for each member; and
   3. (c) The member's benefits are based solely on the amount contributed to the member's account and any income, expenses, gains, and losses allocated to the member's account.
   4. (5.5) Old hire member has the meaning set forth in section 31-30.5-102 (5).
6. (6) Retired member means any member who is retired, disabled, or eligible for a benefit as provided in section 31-31.5-401.

Source: L. 96: Entire article added with relocations, p. 893, § 1, effective May 23. L. 98: (5) amended, p. 24, § 3, effective March 16. L. 2001: (3) amended, p. 416, § 1, effective June 1. L. 2003: (4) amended, p. 1231, § 1, effective August 6. L. 2024: IP, (4), and (6) amended, (HB 24-1042), ch. 15, p. 38, § 5, effective March 6. L. 2025: (5.5) added, (SB 25-275), ch. 377, p. 2091, § 272, effective August 6.

Editor's note: This section was formerly numbered as § 31-30-1002 (1), (2), (4), (5), and (5.5).