DROP RETIREMENT AGREEMENT AND RELEASEDrop Retirement Agreement and Release • January 2nd, 2009 • Virginia
(collectively “the Parties”), enter into this DROP Retirement Agreement and Release (“Agreement”) in connection with your voluntary decision to participate in the Deferred Retirement Option Program ("DROP") under the City of Alexandria Firefighters and Police Officers Pension Plan (the "Pension Plan"). The DROP is a program that allows you to continue working for the City as a firefighter or police officer for a period of up to 3 years and to have your retirement benefits credited to a deferred account at the same time. Participation in the DROP is entirely voluntary. While the DROP is voluntary, once you voluntarily elect to participate in the DROP, you must actually retire within 3 years from the date the DROP election becomes effective.
