Common use of Deferred Retirement Option Program Clause in Contracts

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. The Parties 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.