The following words and phrases, as used herein, shall have the meaning indicated as required by the text of the CEAP Retirement Plan.

Plan

- shall mean the CEAP Retirement Plan adopted herein together with any amendments or interpretations thereof duly adopted by the Retirement Commission.

Fund

- shall mean the CEAP Retirement Fund, the trust fund established under this Plan, and shall mean generally the monies or other things of value which comprise the corpus of the trust fund together with all income, capital gains and other additions hereto, less any losses, charges, expenses and benefit payment therefrom.

Retirement Commission

- shall mean the body created by the Catholic Educational Association of the Philippines with powers and authority to administer the Plan in accordance with Article VII hereof.

Participating Employer

- shall mean the school, college, university, congregation, order or diocese which originally participated in the creation of this Plan or is subsequently accepted to participate in the Plan by the Retirement Commission in accordance with Article III and which agrees to make contributions to the Fund in accordance with the Plan.

Member

- shall mean any regular employee of a Participating Employer who has qualified for membership under Article IV excluding part-time employees, casuals, temporary employees, and others not regularly employed with any of the Participating employers. Coverage under one Participating Employer will not preclude a second membership with another Participating Employer, provided that the employee meets in both employers the requirements for membership.

Continuous Service

- shall mean the uninterrupted as determined by the Participating Employer’s personnel records. Leaves of absence approved by the Participating Employer with or without pay and school vacation, shall not constitute an interruption of service, but only periods of compensated service shall be used in computing benefits under the Plan.

Past Service

shall mean that continuous service of a Member to the Participating Employer from the date the Member met the requirements for membership in the Plan to the date of acceptance of the Participating Employer in the Plan.

Future Service

- shall mean periods of covered employment on or after July 1, 1968 or after the acceptance of Participating Employer for which contributions are paid in accordance with Section 2, Article VI.

Salary

- shall mean the current basic salary or wage paid to the Member of the Participating Employer, but excludes bonuses, overtime pay, allowance and other special emoluments.

Trustee

- shall mean a bank or other financial institutions so named in the Trust Agreement and or its successors.