DROP Definition. Deferred Retirement Option Program. This FRS program is an alternative method for payout of retirement benefits for a specified and limited period for eligible FRS participants. This program is operated and administered by the State of Florida, Division of Retirement and subject to change at any time including cancellation of the program. Changes to the program can only be made by an act from the Florida Legislature to the Florida Administrative Code Chapter 60S.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
