(a) “Account” means the account maintained with respect to the participant which reflects the aggregate value of the following amounts credited to the participants:
(1) Employee after-tax contributions to the plan.
(2) Net earnings of the Supplemental Contributions Program allocable to the participant.
(3) Any amount credited to the participant's account by reason of a transfer from another plan or arrangement in accordance with applicable laws.
(b) “Board” means the Board of Trustees of the Government Employees Retirement System.
(c) “Compensation” means the total amount paid to an employee for a plan year as required to be reported on the employee's Internal Revenue Service form W-2 for income tax withholding purposes. This amount includes employee contributions picked up by the employer under Title 26, Section 414, subsection (h), paragraph (2) of the United States Code; and any amounts deducted by the employer from the participant's salary, including deductions for tax-deferred retirement plans or insurance programs; deductions for participation in a tax-sheltered annuity within the meaning of Title 26, Section 403(b), of the United States Code; deductions for participation in an eligible deferred compensation plan within the meaning of Title 26, Section 457 of the United States Code; and deductions for participation in a plan that meets the requirements of Title 26, Section 125 or Section 401, subsection (k) of the United States Code.
(d) “Disability” means disability of permanent or extended and uncertain duration, as determined by the Board.
(e) “Early retirement age” means the age at which the participant attains age 50 or qualifies for early retirement under the provisions of this title.
(f) “Eligible employee” means:
(1) Any person employed by the Government of the Virgin Islands and its instrumentalities or autonomous agencies.
(2) Any legislators as defined pursuant to sections 714 and 763.
(3) Any justice or judge, as defined in section 733.
(g) “Employee contribution” means the amount contributed by the participating employee to his or her account in the plan.
(h) “Fund” means the Supplemental Contributions Program Fund.
(i) “Net earnings” means the income earned, or losses incurred, on the Supplemental Contributions Program Fund, less the cost of administering the plan.
(j) “Participant” means an eligible employee who has contributions credited under the plan.
(k) “Plan” means the Supplemental Contributions Program.
(l) “Plan year” means the 12-month period commencing on any January 1 and ending on the following December 31.
(m) “Retirement” means termination of all employment for the employer and completion of all conditions precedent to receiving a distribution for retirement.
(n) “System” means the Government Employees Retirement System.
(o) “Termination” means termination of employment by reason of separation from all service for all employees that participate in the system.
(p) “Valuation date” means the date as of which the assets of the fund are valued.