Xxxxxxx Xxxxxxxxxx. An employee who elects to participate in the DROP may elect the Annuity Withdrawal option provided by the retirement ordinance at the time of electing DROP participation. Such election shall be made commensurate with the employee’s DROP election, but not thereafter. Such annuity withdrawal will be utilized to compute the actuarial reduction of the member’s DROP benefit, as well as the member’s monthly retirement benefit from the Macomb County Employees Retirement System, after termination of employment. The annuity withdrawal amount (accumulated contributions) will be disbursed from the Macomb County Employees Retirement System at the time of DROP election. All withdrawal provisions and options under the Retirement Ordinance, which are available to Retirement System members shall be available to the employee participating in the DROP at such time that he/she elects to participate in the DROP.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
