American Samoa § 7.1403 - Definitions.

§ 7.1403. Definitions.

As used in this chapter: (a) “Actuary” means any actuary that is qualified and has been engaged by the Board to provide actuarial services. (b) “Average annual salary” means the highest average annual salary received by a member during any 3 consecutive years of creditable service accruing to a member. Overtime compensation shall not be considered when calculating a member’s average annual salary. (c) “Board” means the Board of Trustees provided for in this chapter as the agency responsible for the direction and operation of the affairs and business of the Retirement Fund. (d) “Creditable service” means service credited for purposes of computation of benefits, and may not exceed 30 years of creditable service. (e) “Early retirement date” means the date on which a member attains age 55 and 10 years of creditable service, or a later date elected by the member. (f) “Employee” means any person in the employ of the government, in all occupational classifications. (g) “Fiscal year” means the period of twelve consecutive months beginning on the first day of October each year. (h) “Fund” means the “American Samoa Government Employees’ Retirement Fund”. (i) “Fund-year” means a period of 12 consecutive months beginning 1 October 1981 or any 1 October thereafter. (j) “Member” means any active, inactive or retired participant in the Fund. (k) “Membership service” means service rendered on or after the operative date of the fund. (l) “Normal retirement date” means the earlier of the dates on which the member attains age 65 and 5 years of creditable service or the member attains age 55 and 30 years of creditable service. (m) “Operative date” means 1 January 1971, the date upon which the Fund is to begin operations. (n) “Prior service” means service rendered prior to the operative date of the Fund. (o) “Regular interest” means such rate as shall be fixed by the Board; provided, that for the first 5 years of operation of the Fund, the regular interest shall be 3 percent per year, compounded annually. (p) “Salary” means the amount received by an employee for service. (q) “Service” means actual employment by the government as an employee for salary or compensation, or service otherwise creditable as herein provided. (r) “Spouse” means the husband or wife of, a member to whom the member was lawfully married. (s) “Total service” means prior service, membership service and military service. Amendments: 1986 Subsection (b): added provisions on overtime compensation. Subsection (c): replaced “system” with “retirement fund”. Subsection (g): added. Subsection (h): relettered from former subsection (g); name of fund changed according to 7.1402. Subsections (i)—(s): relettered from former subsections (h)—(r). Research Guide: For operative date of fund, see Reviser’s comment, 7.0801,