Distribution of DROP Funds. Upon termination of employment, the former DROP Participant must choose one, or a non-inconsistent combination of, the following distribution methods to receive payment(s) from his or her individual DROP Account: 1) A total lump sum distribution to the recipient. 2) A partial lump sum distribution to the recipient. 3) A lump sum direct rollover to another qualified plan to the extent allowed by federal law and in accordance with the Retirement Board’s rollover procedures. 4) An annuity payable for the life of the recipient. 5) An optional form of annuity as established by Public Act 345 of 1937. 6) No distribution, in which case the accumulated balance shall remain in the Plan to the extent allowed by federal law.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Labor Agreement, Collective Bargaining Agreement
