Deferred Retirement Option Plan. (DROP) Employees in the bargaining unit are eligible for the DROP program in accordance with the terms of the County of San Xxxx Obispo Employees’ Retirement Plan. DSA shall defend, indemnify and save harmless the County of San Xxxx Obispo and the Pension Trust, its officers, agents and employees from any and all claims, demands, damages, costs, expenses, or liability, including, but not limited to, liability for back taxes, and all claims of any type by the Internal Revenue Service, the California Franchise Tax Board, unit members, or their heirs, successors, or assigns, arising out of this Agreement to implement the Deferred Retirement Option Plan (DROP).
Deferred Retirement Option Plan. Employees hired on or after July 1, 2005, are not eligible for the Deferred Retirement Option Plan (“DROP”). Article 4, Division 14 of the Municipal Code will be revised to reflect this change.
Deferred Retirement Option Plan. After September 30, 2012, employees shall be eligible to participate in the Deferred Retirement Option (DROP) in the same manner as Florida Retirement System participants. Specifically, people entering the DROP on or after October 1, 2012, will 1.3% interest on their DROP accumulations and will not receive COLAs on their pension amounts until they are fully retired.
Deferred Retirement Option Plan. Section 1 Definitions DROP – The Deferred Retirement Option Plan created as an optional form of benefit under the existing Borough of Dormont Police Pension Plan.
Deferred Retirement Option Plan a) Effective 1/1/05, for any employee who is a member of the bargaining unit on 1/1/05: Upon attaining 30 years of service and becoming at least 50 years of age may elect to participate in a Deferred Retirement Benefit Option Plan for a period not to exceed 5 years. Such election will be irrevocable. Service by any employee as provided for in Section 2- 248(C) of the retirement ordinance shall be counted for purposes of meeting the 30 years service requirement in this section.
Deferred Retirement Option Plan. (DROP). The Employer shall seek the introduction of legislation to the County Council, on or before April 1, 2015, to amend the Xxxxxxxxxx County Code, Chapter 33, Article III to provide for a Deferred Retirement Option Plan (DROP) for sworn deputy sheriffs and uniformed correctional officers under a new Section 33-38A(c), established as follows, with an effective date of July 1, 2015: Any employee who is a sworn deputy sheriff or uniformed correctional officer (as defined in (a)) who meets the eligibility requirements may elect to retire but continue to work and have pension payments contributed to a DROP account. Pension payments must not be paid to the employee while the employee participates in the DROP. When the employee’s participation in the DROP ends, the employee must stop working for the County, begin receiving pension benefits based on the employee’s credited service and earnings as of the date that the employee began to participate in the DROP, and receive the DROP account balance.
Deferred Retirement Option Plan. (Employees Hired On or After July 1, 2005) Employees hired on or after July 1, 2005, are not eligible for the DROP, as set forth in San Diego Municipal Code Section 24.1402.1.
Deferred Retirement Option Plan. Drop The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to Captain on or after May 1, 2007. Current bargaining unit members participating in the DROP will be allowed to maintain money in their DROP account until age 59.5 or upon separation of employment, whichever is later. Specifications for the DROP are contained in APPENDIX “C”. An employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease for current employees participating in the DROP.
Deferred Retirement Option Plan. Sec. 8.01.
Deferred Retirement Option Plan
