Deferred Retirement Option Program (DROP. Notwithstanding any other provision of this Agreement (with specific reference to Article 12 and Article 14) and no earlier than September 1, 2001, the Association or the County agrees to meet and confer with the other party upon request regarding a cost-neutral Deferred Retirement Option Program (DROP) and to re- open those provisions of this Agreement which may be affected.
Deferred Retirement Option Program (DROP. A. Employees enrolled in DROP will no longer earn FRS retirement credit even though he/she continues as an employee in a regular established position for the established drop period.
Deferred Retirement Option Program (DROP. The University will participate in the Deferred Retirement Option Program to the full extent provided under State law. The DROP program is complex. Faculty should consult a Human Resources specialist at the University with expertise in this area before making a decision about participating in this program.
Deferred Retirement Option Program (DROP. E. Employees who choose to enter the DROP plan may sell back up to a maximum of 500 hours of accrued vacation leave hours before entering the program.
Deferred Retirement Option Program (DROP. A. Optional Participation An employee's participation in the DROP is optional on the employee's part.
Deferred Retirement Option Program (DROP. General employees who were hired prior to July 1, 2007 may elect a Deferred Retirement Option Program (DROP) upon eligibility. Eligibility is based on a combined total of age and qualifying service of at least 85 and a minimum age of 55 (e.g., 30 years service + 55 years old = 85). Qualifying service includes unused sick time and military time but excludes outside transfer service. Elected officials and appointed department heads are not eligible. The DROP allows eligible members to receive a lump sum payment at retirement in exchange for a reduced monthly benefit. When a member enters the DROP, they continue to work, their pension benefit is determined, and a DROP account is established in ERS. The DROP account is a personal retirement account that accumulates monthly pension payments, applicable retiree cost-of-living adjustments, ERS payroll contributions, an annual interest credit of 5%, and a one- time credit of unused sick time earned in the DROP period. The DROP period is a minimum of 5 years and a maximum of 10 years. However, electing the DROP does not obligate the member to work an additional 5 years. The member may opt out of the DROP at any time and be treated as if they had not elected to enter the DROP. When a DROP member retires, the DROP account may be paid to the member in a single lump sum or rolled over into an eligible retirement plan. A member in the DROP may use sick time earned prior to entering the DROP. If the member uses more sick time than earned in the DROP period, the member’s pension payments and DROP account will be recalculated accordingly. If the member used that sick time to meet DROP eligibility, the DROP election date will be adjusted. To participate in the DROP, a member must first complete and sign a DROP Election Form at the Retirement Office in Room 169 of the County Courthouse.
Deferred Retirement Option Program (DROP. An eligible member of the Florida Retirement System may elect to defer retirement benefits while continuing employment for a specified time not to exceed sixty (60) months following normal 1837 1838 1839 1840 1841 1842 1843 1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 retirement age or years of service.
Deferred Retirement Option Program (DROP. The Florida Retirement System’s Deferred Retirement Option Program (DROP) will be available to eligible faculty members. The specific provisions of the Florida Retirement System’s Deferred Retirement Option Program (DROP) shall be available through Human Resources.
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 the 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 date. 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.
Deferred Retirement Option Program (DROP. An eligible member of the Florida Retirement System or Teacher Retirement System may elect to defer retirement benefits while continuing employment for a specified time not to exceed sixty
