Additional Year of DROP. The maximum DROP participation period shall be extended by one year (twelve months) from six (6) years to seven (7) years, for members who enter or have entered the DROP on or after October 1, 2010. Notwithstanding any other provision in this Section 15.2, a member who entered the DROP on or after October 1, 2010, and is participating in the DROP on the date this Agreement is ratified by both parties shall be eligible to extend their DROP participation period and their resignation from City employment by up to one year, by submitting a signed DROP election extension form provided by the City. In order for any such member to be eligible to make this election to extend DROP participation for up to one additional year, the member must agree that all of his/her DROP account earnings from the date he/she entered DROP until such election takes effect shall be recalculated at the new 6% earnings rate. The signed DROP election extension form must be received by the City Finance Department within ninety (90) days following the effective date of the ordinance implementing the DROP extension, and prior to the end of the member’s original DROP period.
