The following words and phrases as used in this act shall have the following meaning unless a different meaning is required by the context:
(1) “Funds” shall mean the special trust funds in the State Treasury created under each of the retirement laws covered by this act.
(2) “Retired member” shall mean any person who had both attained age 65 and retired prior to January 1, 1966, and is receiving benefits under any of the following systems:
(a) State and County Officers and Employees Retirement System, created by authority of chapter 122.
(b) Supreme Court Justices, District Courts of Appeal Judges and Circuit Judges Retirement System, created by authority of former chapter 123.
(c) Teachers’ Retirement System of the state, created by authority of chapter 238; or
(d) Highway Patrol Pension Trust Fund, created by authority of chapter 321.
(3) “Joint annuitant” means any person named by a retired member under the applicable system to receive any retirement benefits due and payable from the system after the member’s death.
(4) “System” shall mean any of the retirement systems specified in subsection (2).
(5) “Social security benefit” shall mean the monthly primary insurance amount, computed in accordance with the Social Security Act from which is derived the monthly benefit amount, which the retired member is receiving, entitled to receive, or would be entitled to receive upon application to the Social Security Administration, without taking into account any earned income which would cause a reduction in such amount. For purposes of this act, the social security benefit of:
(a) A retired member who is not insured under the Social Security Act shall be zero, and
(b) A deceased retired member who was insured under the Social Security Act shall be the primary insurance amount from which is derived the monthly benefit amount which the member was receiving or entitled to receive in the month immediately preceding his or her date of death.
(6) “Retirement benefit” means the monthly benefit which a retired member or joint annuitant is receiving from a system.
(7) “Department” means the Department of Management Services.
(8) “Base year” means the year in which a retired member actually retired from a system or the year in which the member attained age 65, if later.