In this chapter, the following terms have the meanings indicated. Terms Defined. Effective Date of Retirement. “Effective date of retirement” means the effective date of the commencement of: A retirement allowance; A vested allowance; An allowance payable on the death of an individual employed as a member; or For a member of a deferred retirement option program, participation in the deferred retirement option program. “Effective date of retirement” does not mean the date of a change of beneficiary by a retiree, or the date of commencement of an allowance to a beneficiary of a retiree. “Post-reform COLA rate” means the assumed cost-of-living adjustment rate under Regulation .03 or .04 of this chapter, for creditable service that is subject to State Personnel and Pensions Article, §29-408, Annotated Code of Maryland. “Pre-reform COLA rate” means the assumed cost-of-living adjustment rate under Regulation .03 or .04 of this chapter, for creditable service that is not subject to State Personnel and Pensions Article, §29-408, Annotated Code of Maryland. “System’s actuary” means the actuary designated by the Board of Trustees in accordance with State Personnel and Pensions Article, §21-125, Annotated Code of Maryland.