Common use of DROP Clause in Contracts

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. 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. For employees with less than 20 years of service as of the Prospective 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%;