For purposes of this chapter, the following definitions shall apply:
(a) “Participating employer” means an employer that is authorized and has elected to participate in the prefunding plan.
(b) “Prefunding plan” means the California Employers’ Pension Prefunding Trust Fund, a trust fund administered by the board, for the purpose of investing employer payments toward their required pension contributions to a defined benefit pension plan and that is intended to meet the requirements of Section 115 of the Internal Revenue Code.
(c) “Required pension contributions” means future contributions to a defined benefit pension plan required to fund the present value of plan benefits, calculated in compliance with Actuarial Standards of Practice of the American Academy of Actuaries.
(Amended by Stats. 2019, Ch. 330, Sec. 17. (SB 782) Effective January 1, 2020.)