DROP. The Deferred Retirement Option Program ("DROP") is eliminated.
DROP. Employees hired on or after July 1, 2005, are not eligible for the DROP.
DROP. A student may drop a course or courses without a grade during the first three weeks of the semester.
DROP. For employees with less than 20 years of service as of the Effective Date, the interest rate for DROP is the actual net rate of return of the Plan, after the deduction of all related and direct expenses, for the preceding year of the Plan, provided that in no year will the employee earn less than 0 2%, and in no year will the employee earn more than 10 14.4% regardless of the actual rate of return of the Plan. For employees with 20 or more years of service as of the Prospective Effective Date, the interest rate for DROP is unchanged and will remain 8.4%;
DROP. As of the Effective Date, the interest rate for DROP is the actual net rate of return of the Plan, after the deduction of all related and direct expenses, for the preceding year of the Plan, provided that in no year will the employee earn less than 0%, and in no year will the employee earn more than 10% regardless of the actual rate of return of the Plan;
DROP. 1. City contends that the Deferred Retirement Option Plan (DROP) is an employment benefit subject to modification through the meet and confer process. Despite Local 145’s disagreement with this contention, the Parties agree that, during the term of this MOU, they will meet and confer over proposals to modify DROP to make DROP “cost free” to City. The Parties acknowledge that City’s proposals will modify DROP to make DROP “cost free” as defined by City and may include any and all aspects of DROP, including but not limited to, all of the DROP alternative plan design proposals set forth in a study by Buck Consultants presented by City to Local 145 on March 14, 2012, or any variations of the alternative proposals which changes numbers or percentages reflected in the Buck study. However, by agreeing to meet and confer regarding proposals to modify DROP, Local 145 is not waiving its right to challenge any proposed modification to DROP on the basis that it may impair a constitutionally protected, individually vested pension benefit, or on any other ground. Local 145 further reserves its right to argue, despite any contrary assertion by City, that the current unmodified DROP is, in fact, “cost free” within the meaning of reasonable actuarial principles and appropriate margins of error. Moreover, in agreeing to meet and confer regarding proposals to modify DROP, neither Party is waiving its rights to make any legal arguments or pursue any legal action related to any proposed DROP modification. In the event City and Local 145 reach agreement on any modifications to DROP, these modifications will become effective on the date agreed upon. In the event the Parties fail to reach an agreement, any impasse hearing related to DROP will be conducted in accordance with Council Policy 300-06 on a date to be agreed upon by the Parties but in no event before January 1, 2013. However, any impasse hearing related to the Parties’ meet and confer over DROP, including the aspects of DROP described above, will be separate from and not combined with any issues remaining for impasse in connection with the Parties’ meet and confer process for a new MOU for Fiscal Year 2014.
DROP. Employees hired on or after July 1, 2005, are not eligible for DROP. Article 4, Division 14 of the Municipal Code will be revised to reflect this change.
DROP. Members who enter the DROP after the effective date of the plan changes will earn interest on their DROP balance at a rate equal to the market rate of return on pension fund investments for the preceding plan year, net of all investment-related expenses, with a maximum of 3% and a minimum of 1%.
DROP. The City agrees that it will revise the police pension plan, effective January 1, 2006, to amend the eligibility and participation provisions of the deferred retirement option program (DROP) as follows:
DROP. The coaxial cable that connects a home or municipal building to the Residential System or Institutional Network.
