As used in Section 11 of Article VII of the Constitution, the following terms have the following meanings: (a) âActuarial equivalentâ 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 of Administration of the Public Employeesâ Retirement System. (b) âBeneficiaryâ means any person or corporation designated by a member, a retired member, or statute, or the estate of a member or retired member designated by the member or retired member, to receive a benefit under the retirement system, on account of the death of the member or retired member. (c) âSalaryâ means the actual wages paid but shall not include any other benefits, such as, but not limited to, health and dental benefits, retirement benefits, vacation pay, and per diem. (d) âUnmodified pension or retirement allowanceâ means the maximum pension or retirement allowance receivable, prior to any selection of an optional settlement and includes any cost-of-living adjustment and any other increase granted subsequent to retirement.
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