Deferred Retirement Option Plan (DROP. State Patrol employees hired after January 4, 1979 who are eligible for and elect to enter the Deferred Retirement Option Plan (DROP), shall be paid for all unused compensatory time at the time of entry into the Deferred Retirement Option Plan. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods. State Patrol employees hired on or prior to January 4, 1979 who are eligible for and elect to enter the Deferred Retirement Option Plan (DROP), shall be paid for all unused vacation leave, one quarter of his/her sick leave not to exceed 50 days, and compensatory time at the time of entry into the Deferred Retirement Option Plan. Payment received for unused vacation and sick leave accumulated during the final 3 years of service only shall be included in the final average monthly salary calculation. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods. Per Nebraska Revised Statute section 81-2041 State Patrol employees hired on or after July 1, 2016 are specifically prohibited from participating in the Deferred Retirement Option Plan (DROP).
Deferred Retirement Option Plan (DROP. Subject to mutual agreement of the parties the State agrees to investigate the feasibility of a “DROP” program. Should the parties agree to a “DROP” program, no costs shall be borne by the State.
Deferred Retirement Option Plan (DROP. State Patrol employees hired after January 4, 1979 who are eligible for and elect to enter the Deferred Retirement Option Plan (DROP), shall be paid for all unused compensatory time at the time of entry into the Deferred Retirement Option Plan. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods. State Patrol employees hired on or prior to January 4, 1979 who are eligible for and elect to enter the Deferred Retirement Option Plan (DROP), shall be paid for all unused vacation leave, one quarter of his/her sick leave not to exceed 50 days, and compensatory time at the time of entry into the Deferred Retirement Option Plan. Payment received for unused vacation and sick leave accumulated during the final 3 years of service only shall be included in the final average monthly salary calculation. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods.
Deferred Retirement Option Plan (DROP. 1. The Deferred Retirement Option Plan (DROP) is established effective April 1, 1997 for all employees hired before July 1, 2005. Employees hired on or after that date are ineligible for the DROP as set forth in San Diego Municipal Code section 24.1402.1.
2. DROP provides an alternative form of benefit accrual while allowing a Member to continue working for City. During the DROP period, a DROP participant retains all rights, privileges, and benefits of being an active City employee, except as specifically modified in Chapter 2, Article 4, Division 14 of the Municipal Code, and is subject to the same terms and conditions of employment including disciplinary actions up to and including termination. The Member continues to be eligible for the active employee Flexible Benefits Plan for the classification and is not eligible for “Retiree” Health Benefits until such time as the Member terminates City employment. Under DROP, a monthly service retirement allowance, along with any Cost of Living Adjustment increases, Supplemental Benefit checks, and any adjustments to such payments applicable to retirements effective on the date the Member entered DROP, are credited to the Member’s DROP Account in the SDCERS Trust Fund. These SDCERS benefits are calculated as if the Member were retiring on the date the Member enters DROP. The Member’s contributions to the Retirement System cease. The Member and City each contribute 3.05% of the Member’s Base Compensation, as defined in Municipal Code section 24.0103 each pay period that the Member participates in DROP. The Member’s contribution is made on a pre-tax basis pursuant to IRC section 414(h)(2). These employer and employee contributions are credited to the Member’s DROP Account in the SDCERS Trust Fund and are distributed to the DROP participant upon termination of employment. No withdrawals may be made from the DROP account until the Member terminates City employment. Interest will be credited to the Member’s DROP account at a rate determined by the SDCERS Board. The Member is 100% vested in his or her their DROP Account at all times.
3. A DROP participant who becomes disabled may apply for conversion of their deferred retirement allowance to a disability retirement allowance calculated at the date of entry into DROP. A Member who participates in DROP irrevocably designates a specific consecutive period of months for participation, not to exceed sixty months. The Member must terminate City service at the end of the desig...
Deferred Retirement Option Plan (DROP. Employees eligible for retirement based on age and/or years of service may elect to participate in the DROP per Retirement System By-Laws. Employees enrolling in the DROP on or after 1/1/2010 will earn a minimum of 4.0% interest on their DROP deposits up to a maximum equal to the actual annual rate of return of the pension system minus 1.0%. Rate of return based on the asset summary from the annual actuarial valuation specifically the nominal rate of return on smooth market value as reported in the most recent received and approved actuarial report.
Deferred Retirement Option Plan (DROP. The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to the bargaining unit on or after November 1, 2008. 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.
Deferred Retirement Option Plan (DROP. 38.1: The Xxxxxxx Township Police and Fire Retirement System consists of a defined benefit plan. The Xxxxxxx Township Police Officers Association Deferred Retirement Option Plan (herein after referred to as the R.T.P.O.A. DROP) account shall be established as part of the defined benefit plan of the Retirement System or such other plan as the Township Board and the union shall agree upon (i.e., I.R.C. section 415(m) benefit plan) after consultation with appropriate legal counsel.
Deferred Retirement Option Plan (DROP. Effective January 1, 2007, the existing pension plan shall be modified to provide for a deferred retirement option plan (DROP). The Drop shall be designed by the plan actuary in an actuarially neutral manner, which will allow police officers who are eligible for retirement under the Pension Plan to retire while still continuing their employment for a period not to exceed three (3) years. In order to enter the DROP Program, a retirement eligible officer must make the request in writing and specify the date on which he will separate from employment. During the period of time a member is in the DROP Program, the officer’s monthly pension benefit shall be deposited in a self-directed deferred compensation account, such accounts to be mutually agreed to by the parties When an officer elects to enter into the DROP, the officer will begin participating in the retired officers’ healthcare plan that’s in effect at the time of entry into the DROP. While the officer remains in the DROP, the annual premium shall be deducted from the first (1st) two pays of each month.
Deferred Retirement Option Plan (DROP. The Pension Fund shall establish a Deferred Retirement Option Plan (DROP). Pursuant to the DROP, eligible plan participants may, in accordance with the terms and conditions established in the plan document, elect to retire, and have their pension payments made into a DROP account. The DROP shall be available in accordance with the terms established by the Pension Fund trustees. In order to participate in the DROP, a plan participant must be eligible for retirement, whether early or normal. Upon a Participant’s election to participate in the DROP, he shall cease to be a Participant and shall no longer accrue any benefits under the Pension Fund. For all Fund purposes, the Participant becomes a Retirant. The amount of credited service and final average salary freeze as of the date of entry into the DROP. The DROP participant shall no longer contribute any portion of his salary to the ATU Local 1596 Pension Plan, nor shall the employer make any contributions to the ATU Local 1596 Pension Plan on behalf of the participant after the participant enters the DROP
Deferred Retirement Option Plan (DROP. Employees eligible for retirement based on age and/or years of service may elect to participate in the DROP per Retirement System By-Laws. Employees enrolling in the DROP on or after 1/1/2010 will have a fluctuating rate of return as follows: A guarantee of a minimum of 4.0% to a maximum equal to the actual annual rate of return of the pension system minus 1.0%.
