DROP participant definition

DROP participant means an officer who participates in the deferred retirement option plan established in section 24a.

DROP participant means an officer who participates in

DROP participant means a Participant in the Plan who:

Examples of DROP participant in a sentence

• On the date upon which the member’s participation in the DROP shall be effective, he/she shall be considered to be a DROP participant and shall cease to be an active member of the Macomb County Employees Retirement System.

• The member or DROP participant has no control over the investment of the share account.

• There is no change in the system's assets, and there is no distribution available to the member or DROP participant until the member's or DROP participant's termination from employment.

• These monies are placed in a trust account and are distributed to the DROP participant upon termination of employment or completion of the DROP period whichever occurs first.

• Thus, even though amounts are credited to the DROP account because they could have been paid as retirement benefits, the participant will not be subject to tax until DROP account balances are distributed to the DROP participant.

More Definitions of DROP participant

DROP participant means a participant who is eligible and who elects to participate in the DROP.

DROP participant means an annuitant who has elected to

DROP participant means an annuitant who has elected to participate in the DROP.

DROP participant means a pension system member who is participating in the DROP.

DROP participant means any member who elects to

DROP participant means a participant who is eligible to participate in the DROP under § 5-1-503 and who elects to participate in the DROP under § 5-1-504.

DROP participant means an annuitant who has elected to participate in the DROP. (Def. added July 9, 2010, P.L.434, No.56)