Definitions.
Section 2
SEC. 2. Definitions.—-When used in this Decree the following terms shall, unless the context otherwise indicates, have the following respective meanings: "Fixed Monthly Pensions" shall mean the level of flat monthly annuities provided under Section 11 of Commonwealth Act No. 186, as amended. "Indexed Monthly Pensions" shall mean the adjusted and adjustable monthly annuities to be provided under this Decree based on a cost of living index or other government indices. "Cost of Living Index" or "Index" shall mean the Consumer Price Index for the Philippines, as compiled by the Central Bank of the Philippines. "Adjustment Date" shall mean the first clay of July in each calendar year. "Average Monthly Index" for any year shall mean the result obtained by dividing by twelve the sum of the monthly Indices in the twelve-month period ending on the last day of December in such year. "Index Ratio" for any Adjustment Date shall mean the result obtained by dividing by sixty the sum of the monthly Indices in the sixty-month period ending on the last day of December preceding such Adjustment Date. "Conversion Factor" shall mean the variable for converting the Fixed Monthly Pensions into Indexed Monthly Pensions. "Adjustment Factor" shall mean the variable for adjusting the Indexed Monthly Pensions on each Adjustment Date. "Board" shall mean the Board of Trustees of the Government Service Insurance System. "System" shall mean the Government Service Insurance System. "Future Retirees" shall mean the present and future members of the Retirement Insurance Fund of the System whose actual retirement dates will be on or after July 1, 1975. "Present Retirees" shall mean the members of the Retirement Insurance Fund of the System who have retired or will be retired prior to July 1, 1975. "Deferred Period" shall mean the guaranteed period for which a retiree receives a lump sum payment in lieu of his Fixed Monthly Pensions and after which period future monthly pensions shall be payable to the retiree, for life. Whenever used herein, the masculine pronoun shall include the feminine gender, the singular number shall include the plural, and the plural shall include the singular, unless the context indicates otherwise.