In this article, unless the context otherwise requires:

1. "Administering and investing":

(a) Means administering, managing, operating, investing and distributing the prefunding plan and its assets, including accepting, depositing, holding, investing, reinvesting and transferring the assets of the prefunding plan.

(b) Includes employing legal services.

2. "Board" means the board of trustees of the system.

3. "Defined benefit pension" means the elected officials’ retirement plan established by article 3 of this chapter, the public safety personnel retirement system established by article 4 of this chapter and the corrections officer retirement plan established by article 6 of this chapter.

4. "Employer" means an employer as defined in section 38-801, 38-842 or 38-881.

5. "Participating employer" means an employer that is authorized and has elected to participate in the prefunding plan and whose governing body has entered into a contract with the board as provided in this article.

6. "Prefunding plan" means the Arizona employers’ pension prefunding plan established by this article.

7. "Required pension contributions" means an employer’s unfunded liability and future required contributions under the applicable defined benefit pension, whether pertaining to a single year or multiple years.

8. "System" means the public safety personnel retirement system.

9. "Tax-exempt status of the prefunding plan’s income" means that the prefunding plan’s income is excluded from gross income for the purposes of the assessment of federal income tax under section 115 of the internal revenue code, intergovernmental immunity or similar grounds.

10. "Trustee" has the same meaning prescribed in Section 38-848.04.