1.
One who is retired but retains an honorary title corresponding to that held immediately before retirement.
[Latin ēmeritus, past participle of ēmerērī, to earn by service : ē-, ex-, from; see ex– + merērī, to deserve, earn.]
http://www.answers.com/topic/emeritus2.
(a.) Honorably discharged from the performance of public duty on account of age, infirmity, or long and faithful services; -- said of an officer of a college or pastor of a church.
(n.) A veteran who has honorably completed his service.
http://thinkexist.com/dictionary/meaning/emeritus/^ Taken straight from the sources.
Prefix e- (a variant of ex-) meaning "out of or from" and merēre meaning "earn". It is a word that originates from Latin's
Emereri.
In nutshell, for over here its basically given to retired and/or inactive members who have earned their stay with WG. Hope that answers your question.