Unless the context requires otherwise, as used in this part, the following definitions apply:
(1) "DROP" means the deferred retirement option plan established pursuant to this part.
(2) "DROP account" means the member's accumulated monthly DROP accruals, plus interest.
(3) "DROP benefit" means the lump-sum benefit calculated and distributed as provided in this part.
(4) "DROP period" means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004.
(5) "Monthly DROP accrual" means the amount credited monthly to a participant's DROP account under 19-6-1005.
(6) "Participant" means a member of the retirement system who has elected to participate in the DROP pursuant to this part.