DROP account means the notional account to which is credited the monthly DROP accrual;

DROP account means the notional account established to reflect the credits, contributions, and earnings of a member who has made a DROP election in accordance with Section 5 of this article.

DROP account means the participant's individual deferred retirement option plan account designed under this division and administered by the plan.

Examples of DROP account in a sentence

Should that plan be modified to include a defined contribution plan, this DROP account established is only part of a defined benefit plan.
Upon termination of employment, the retiree shall begin to receive payments from his/her individual DROP account as described hereinafter.
Upon termination of employment, the retiree shall receive the monthly retirement benefit previously credited to his/her DROP account.
Interest on the DROP account will continue to accrue during such a forfeiture, except as provided in Subsection X.
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.

More Definitions of DROP account

DROP account means the dollars allocated to a DROP Participant pursuant to this Article. Such accounts will be maintained by the Trustee as entries on its books. The Trustee is not required to set up individual accounts for each DROP Participant.

DROP account means the notional account to which is credited

DROP account means the separate financial account established under this policy from which a participant is paid a lump sum distribution at retirement.

DROP account means the member's accumulated monthly DROP accruals, plus interest.

DROP account means the account established by the Board for a Member who is eligible for and who elects to participate in the DROP Program.

DROP account means the account established for each DROP participant under subsection 3.

DROP account. A Separate ledger account created to accumulate the DROP pension benefit for a DROP participant. Member – a full-time Borough of Dormont police officer covered by the Plan.