As used in this chapter, unless a different meaning is plainly required by the context:
(a) "Accumulated contributions" means the sum of all amounts deducted from the compensation of a member and credited to his or her individual account in the Members Deposit Fund, together with regular interest thereon.
(b) "Beneficiary" means any person, except a retirant, who is in receipt of a pension or other benefit payable from funds of the Retirement System.
(c) "Board" means the Board of Trustees provided for in this chapter.
(d) "City" means the City of Southgate and includes its predecessor, the Township of Ecorse.
(e) "Compensation" means a member's salary or wages paid by the City for personal services rendered by him or her to the City. If a member's salary includes lodging or meals, or both, Council shall fix the value of such lodging and meals.
(f) "Council" means Council of the City.
(g) "Credited service" means service credited by the Board of Trustees as provided in this chapter.
(h) "Final average salary" means the average of the highest annual compensations paid by the City and the former Township of Ecorse during any period of five consecutive years of credited service contained within a member's last ten years of credited service immediately preceding his or her retirement. If he or she has less than five years of credited service, his or her final average salary shall be the average of his or her annual compensations received during his or her total years of credited service.
(i) "Fiscal year" means a twelve-month period ending December 31.
(j) "Member" means any person who is included in the membership of the Employees Retirement System.
(k) "Pension" means an annual amount payable from funds of the Retirement System throughout the life of a person, except as otherwise provided in this chapter. All pensions shall be paid in equal monthly installments.
(l) "Pension reserve" means the present value of all payments to be made on account of any pension. Such present value shall be computed upon the basis of such mortality and other tables of experience, and regular interest, as the Board shall from time to time adopt.
(m) "Regular interest" means such rate or rates of interest per annum, compounded annually, as the Board shall from time to time adopt.
(n) "Retirement" means any member who retires or withdraws from City employment with a pension payable from funds of the Retirement System.
(o) "Service" means personal services rendered to the City by an officer or employee of the City.
(p) "Social security primary benefit" means a member's annual benefit for age or for disability determined and payable under Title II of the Federal Social Security Act, as now in effect or as hereafter amended or superseded, determined as of the earlier of the date he or she first became eligible for such benefit without any reduction being made therefrom because of his or her age, or the effective date of the commencement of Retirement System pension payments. If a member terminates City employment before being eligible for a social security benefit unreduced for age, the amount of his or her social security primary benefit shall be based upon the assumption that he or she will continue to receive, until age sixty-five, compensation which would be treated as wages for purposes of the Social Security Act, at the same rate he or she was receiving such compensation from the City at the time of termination of City employment.
(1974 Code 1.204)