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.

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. The Parties agree to establish a Deferred Retirement DeferredRetirement Option Program (DROP) generally consistent with the principles and structure of the existing program for Fire and Police personnel. The At minimum, the proposed DROP is anticipated to will contain the following minimum features: cost neutrality; eligibility for all ali 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. 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 At minimum, the proposed DROP is anticipated to will 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.