DROP Accounts. For each employee participating in the DROP, an individual DROP account will be created in which shall be accumulated the DROP benefits, as well as interest on said DROP benefits. All individual DROP accounts shall be maintained for the benefit of each employee participating in the DROP and will be managed by the Retirement System in the same manner as the primary retirement fund. DROP interest for each employee who participates in the DROP shall be at a fixed rate of 3.5% per annum, calculated in the same manner as the interest in the employee savings accounts in the Macomb County Employees Retirement System.
DROP Accounts. For each DROP Participant, an individual DROP Account shall be created in which shall be accumulated at DROP Interest the participant’s DROP Benefits. All individual DROP Accounts shall be maintained for the benefit of each DROP Participant and will be managed by the Retirement Board in the same manner as the primary pension fund. DROP Interest for each DROP Participant shall be at a fixed rate of 7.5% per annum.
DROP Accounts. For each DROP Participant, an individual DROP Account shall be created in which shall be accumulated at DROP Interest the participant’s DROP Benefits. All individual DROP Accounts shall be maintained for the benefit of each DROP Participant and will be managed by the Retirement Board in the same manner as the primary pension fund. DROP Interest for each DROP Participant prior to termination of employment shall be at a fixed rate of 4% per annum. Upon termination of employment, DROP Interest shall be credited at the same rate and in the same manner as interest is credited to Premium Members under the Premium Member Annuity Withdrawal Option in the Defined Contribution Plan. DROP Interest will be credited daily and accrued quarterly on the Participant’s DROP Account Balance at the beginning of each quarter. The actual posting of income for the quarter will commence as soon as practical, following the declaration of the quarterly fund results by the Retirement Board. The daily crediting of interest shall be done on a pro-rata basis where one day’s interest is the product of (i) the income credited for the quarter; multiplied by (ii) the ratio of one divided by the total number of days in the quarter. The Board of Trustees shall provide each participant with an annual statement of their account activity. The Board of Trustees, its officers or employees, shall not be responsible for DROP Account performance.
DROP Accounts. For each employee participating in the DROP, an individual DROP account will be created in which shall be accumulated the DROP benefits, as well as interest on said DROP benefits. All individual DROP accounts shall be maintained for the benefit of each employee participating in the DROP and will be managed by the Retirement System in the same manner as the primary retirement fund. DROP interest for each employee who participates in the DROP shall be at a fixed rate of 3.5% per annum. Interest is earned on the DROP account balance at the end of each month, and shall be paid to the employee's DROP account no later than the last day of the following month. In the event of separation, interest shall be paid in full to the date the DROP account is distributed pursuant to the schedule below: DROP Issuance January 1st February 1st March 1st April 1st May 1st June 1st July 1st August 1st September 1st October 1st November 1st December 1st 08 Drop 08 Int. $4,800 $4,800 $14 $4,800 $28 $4,800 $42 $4,800 $56 09 Drop 09 Int. $4,800 $70 $4,800 $84 $4,800 $98 $4,800 $112 $4,800 $126 $4,800 $140 $4,800 $154 $4,800 $168 $4,800 $182 $4,800 $196 $4,800 $210 $4,800 $224 10 Drop 10 Int. $4,800 $238 $4,800 $252 $4,800 $266 $4,800 $280 $4,800 $294 $4,800 $308 $4,800 $322 $4,800 $336 $4,800 $350 $4,800 $364 $4,800 $378 $4,800 $392 11 Drop 11 Int. $4,800 $406 $4,800 $420 $4,800 $434 $4,800 $448 $4,800 $462 $4,800 $476 $4,800 $490 $4,800 $504 $4,800 $518 $4,800 $532 $4,800 $546 $4,800 $560 12 Drop 12 Int. $4,800 $574 $4,800 $588 $4,800 $602 $4,800 $616 $4,800 $630 $4,800 $644 $4,800 $658 $4,800 $672 $4,800 $686 $4,800 $700 $4,800 $714 $4,800 $728 13 Drop 13 Int. $4,800 $742 $4,800 $756 $4,800 $770 $4,800 $784 $4,800 $798 $4,800 $812 $4,800 $826 $* *Final Interest would be ($288,000) times (.035 divided by 365) times (number of days after July 1, 2013 the $288,000 plus interest is distributed to DROP participant). If distributed on August 1, 2013, the interest amount shall be $840.
DROP Accounts. During the time you participate in DROP, your monthly retirement benefit and your member contributions are paid into your DROP account. Employer contributions stop. DROP accounts are credited with interest annually each December 31. The DROP interest rate is determined each December 31 and is calculated by taking the actual annual rate of fair market value return of the Plan’s investment portfolio minus Plan investment‐related expenses, and then reduced by 2%. The DROP interest rate for each calendar year will never be less than 2½% or more than 6%.
DROP Accounts. For each individual DROP Participant, a DROP Account shall be created in which shall be accumulated the Participant’s DROP Benefits, with interest described hereafter. All DROP Accounts shall be maintained for the benefit of each DROP Participant and will be managed by the Retirement Board in the same manner as the primary pension fund. DROP Interest for each DROP Participant shall be at a fixed rate of 4.0% per annum with interest credited on the first day of each month on the prior month’s principal and interest balance. The Retirement Board shall provide each DROP Participant with an annual statement of his or her account activity. The reference to individual DROP Accounts shall be interpreted to refer to the accounting records of the Police and Fire Retirement System and not to the actual segregation of moneys in the funds of the Police and Fire Retirement System.
DROP Accounts. For each DROP Participant, an individual DROP Account shall be created in which shall be accumulated at DROP Interest the participant’s DROP Benefits. All individual DROP Accounts shall be maintained for the benefit of each DROP Participant and will be managed by the Retirement Board in the same manner as the primary pension fund. DROP Interest for each DROP Participant prior to termination of employment shall be at a fixed rate of 4% per annum. Effective June 16, 2014, for any new DROP participant, DROP Interest for each DROP Participant prior to termination of employment shall be at a fixed rate of 2% per annum. Upon termination of employment, DROP Interest shall be credited at the same rate and in the same manner as interest is credited to Premium Members under the Premium Member Annuity Withdrawal Option in the Defined Contribution Plan. DROP Interest will be credited daily and accrued quarterly on the Participant’s DROP Account Balance at the beginning of each quarter. The actual posting of income for the quarter will commence as soon as practical, following the declaration of the quarterly fund results by the Retirement Board. The daily crediting of interest shall be done on a pro-rata basis where one day’s interest is the product of (i) the income credited for the quarter; multiplied by (ii) the ratio of one divided by the total number of days in the quarter. The Board of Trustees shall provide each participant with an annual statement of their account activity. The Board of Trustees, its officers or employees, shall not be responsible for DROP Account performance.
