Deferred Retirement Option Program. Employees may participate in the Deferred Retirement Option Program (DROP) in accordance with the appropriate Florida Statute and School Board Policy.
Deferred Retirement Option Program. The Parties agree to establish a Deferred Retirement Option Program (DROP) generally consistent with the principles and structure of the existing program for Fire and Police personnel. The proposed DROP is anticipated to contain the following minimum features: cost neutrality; eligibility for all members of the Retirement Plan who qualify for an unreduced retirement formula; five-year eligibility window; and re-evaluation after three (3) years. Articles 37.1 through 37.6 constitute a jointly drafted recommendation of the City and Local 18, and shall not become binding in whole or in part, unless and until finally adopted by the Retirement Plan’s Board of Administration.
Deferred Retirement Option Program. (DROP) The program shall be administered pursuant to Florida Statutes.
Deferred Retirement Option Program. The Parties agree to establish a Deferred Retirement Option Program (DROP) generally consistent with the principles and structure of the existing program for Fire and Police personnel. The proposed DROP is anticipated to contain the following minimum features: cost neutrality; eligibility for all members of the Retirement Plan who qualify for an unreduced retirement formula; five-year eligibility window; and re-evaluation after three (3) years.
Deferred Retirement Option Program. A Consolidated Pension Plan member who has selected to receive Longevity payments rather than general (COLA) increases must, in order to enter and continue to participate in the Deferred Retirement Option Program (DROP), forego receipt of all general (COLA) salary increases effective after the member’s entry into the DROP. This member must, in order to enter and continue to participate in the DROP, forego receipt of all merit increases after the member’s entry into the DROP to the extent such increases would result in the member’s base salary exceeding the top of the salary range of the regular classification he/she was in, as it existed when he/she entered the DROP. Such participants in the DROP remain eligible to receive a promotional increase but subsequent merit increases would be limited as described above.
Deferred Retirement Option Program. The County and FOP 89 agree to establish a cost-neutral Deferred Retirement Option Program (DROP) for Police Pension Plan participants effective on January 1, 2019. The terms of the DROP shall be cost-neutral to the County and the Police Pension Plan, and shall be substantially similar to the comparable plan recently agreed to by the County and the International Association of Fire Fighters (IAFF) Local 1619, covering sworn fire fighters (with upward adjustments for the number of employees eligible). Should the Pension Plan’s actuary determine that this DROP is not cost-neutral when applied to the Police, then the parties shall meet to adjust the DROP to ensure cost-neutrality no later than August 31, 2018.
Deferred Retirement Option Program. The Parties agree that the County and FOP #4... will convene a labor management committee to develop options for a Deferred...
Deferred Retirement Option Program. (DROP)
1. Effective July 1, 1998, employees who qualify for the Deferred Retirement Option Program (DROP) may elect to participate in that program as provided by the procedures set forth by the district and by Florida Statute 121.091. An employee’s salary, benefits, terms, and conditions of employment as specified in this Agreement will remain in full force during the employee’s participation in DROP. An employee can void his/her DROP participation at the DROP termination date, re-enroll in FRS, and continue in his/her current position in the district, by making such request in writing to the Board at least thirty (30) calendar days prior to his/her original DROP termination. An employee may resign his/her employment with the Board and terminate his/her participation in DROP prior to the original DROP termination date by submitting an amended resignation to the Board.
2. Employees who elect to enter DROP and who elect to receive a lump-sum payment of accrued vacation (annual) leave earned in accordance with Article VIII, Section B-5 of the SRP Master Contract upon beginning participation in DROP, shall have said lump-sum payment paid into a Board-approved 401(a) Qualified Retirement Plan and/or an Employer Paid 403(b) Plan subject to annual contribution limits. Employees who receive a lump-sum payment of accrued vacation (annual) leave upon termination of DROP and termination of employment shall have said lump-sum payment paid into a Board-approved 401(a) Qualified Retirement Plan and/or an Employer Paid 403(b) Plan subject to annual contribution limits.
3. Effective July 1, 1999, employees who enter the Deferred Retirement Option Program (DROP) and are eligible for one hundred percent (100%) of their accumulated terminal sick leave in accordance with the Meritorious Attendance Incentive Pay Program, Article XI, Section G of the SRP Master Contract, shall have their accumulated terminal sick leave paid into a Board-approved 401(a) Qualified Retirement Plan and/or an Employer Paid 403(b) Plan subject to annual contribution limits and according to the following.
4. The initial payment will be made on June 30 following the employee’s DROP effective date. Subsequent payments shall be made each June 30 following the employee’s DROP effective date anniversary. Payment Payment Date Maximum Percentage of Accumulated Terminal Sick Leave Days 1 June 30 23.3% 2 June 30 25.6% 3 June 30 36.0% 4 June 30 50.8% 5 June 30 86.1% 6 Upon Separation 100.0% 5. The rate of pay u...
Deferred Retirement Option Program. 5 A Consolidated Pension Plan member who has selected to receive Longevity 6 payments rather than general (COLA) increases must, in order to enter and continue to 7 participate in the Deferred Retirement Option Program (DROP), forego receipt of all 8 general (COLA) salary increases effective after the member’s entry into the DROP. 10 receipt of all merit increases after the member’s entry into the DROP to the extent such 11 increases would result in the member’s base salary exceeding the top of the salary 12 range of the regular classification he/she was in, as it existed when he/she entered the
Deferred Retirement Option Program. The Town agrees to establish a Deferred Retirement Option Program ("DROP") for members of the Town's Police Officers Retirement Fund ("Fund") who are sworn law enforcement officers as follows.
