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 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.
Upon termination of employment, the retiree shall begin to receive payments from his/her individual DROP account as described hereinafter.