For the purposes of this chapter, unless the context otherwise requires, the definitions set forth below shall mean the following:
(a) “Actuarial interest rate” means the interest rate fixed by the board for purposes of actuarial valuation of the assets and liabilities of the award system.
Terms Used In California Government Code 50952
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Education Code 19429
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: includes city and county. See California Education Code 19428
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Education Code 19426
- Town: includes "unincorporated town" and "village. See California Education Code 19430
- Trustee: A person or institution holding and administering property in trust.
(b) “Annual interest rate” means the interest rate fixed by the board for purposes of crediting interest.
(c) “Award” means monthly payments for life derived from contributions by a department.
(d) “Award recipient” means a former member who satisfied all the requirements as determined by the board to be eligible to receive an award, and is receiving an award.
(e) “Award system” means the Volunteer Firefighters Length of Service Award System established by this chapter.
(f) “Board” means the board of the California State Fire Employees Welfare Benefit Corporation.
(g) “Certified prior service credit” means credit for service performed prior to the contract operative date as certified by a qualifications review commission. That prior service shall be credited in the award system to the extent that prior service qualifies as certified service credit pursuant to the rules and regulations established by the board.
(h) “Certified service credit” means credit certified pursuant to Section 50960 for services rendered by a member.
(i) “Contract operative date” means the first day of the month next following the date on which the contract becomes effective.
(j) “Custodian of the fund” means a financial institution or other entity that qualifies under the laws of this state to act as a trustee of and establish a trust described in Internal Revenue Service Revenue Procedure 92-64.
(k) “Department” means any of the following:
(1) A regularly organized fire department of a city, county, city and county, or district having official recognition of the government of the city, county, city and county, or district in which the department is located.
(2) A regularly organized fire department of an unincorporated town.
(l) “Fund” means an account or trust described in Internal Revenue Service Revenue Procedure 92-64, which is maintained by the custodian of the fund.
(m) “Member” means a volunteer of a department, the governing body of which has contracted with the board under this chapter, and who has been certified by a qualifications review commission as having satisfied all the requirements for membership as set established by the board. Membership, once established, continues indefinitely until the award system is terminated and the funds disbursed pursuant to 50974.
(n) “Service credit” means the aggregate of certified service credit.
(o) “Service year” means the period beginning July 1 and ending June 30 of the following year.
(p) “Volunteer” means a person registered as a volunteer member of a regularly organized fire department as defined in subdivision (k).
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)