(1) Account shall mean the bookkeeping account established for a participant by the administrator.

(2) Account balance shall mean, as of any given time, the value of all contributions credited to a participant's account, plus all interest, earnings and gains thereon, and minus all losses, distributions, forfeitures and necessary administrative costs charged thereto.

(3) Administrator shall mean the State Comptroller or, if the comptroller retains an administrative service agency or financial organization to perform the functions set forth in section 150.10 of this Part, such administrative service agency or financial organization.

(4) Participant shall mean a volunteer ambulance worker who is eligible for a benefit under a service award program.

(5) Prior service contribution means a contribution to a service award program made by the sponsor of the program on behalf of a participant for ambulance service rendered by the participant during any one of the five calendar years immediately preceding the adoption of the program.

(6) Sponsor means a county, city, town, village or ambulance district which adopts a service award program.

(7) Valuation date shall mean the last day of each calendar quarter, and each other day as may be determined by the administrator, as of which the administrator shall determine the value of the participants' account balances.