Deferred Retirement Option Plan (DROP. Employees eligible for retirement based on age and/or years of service may 4elect to participate in the DROP per Retirement System By-Laws. Employees enrolling in the DROP on or after 1/1/2010 will earn a minimum of 4.0% interest on their DROP deposits up to a maximum equal to the actual annual rate of return of the pension system minus 1.0%.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement
Deferred Retirement Option Plan (DROP. Employees eligible for retirement based on age and/or years of service may 4elect elect to participate in the DROP per Retirement System By-Laws. Employees enrolling in the DROP on or after 1/1/2010 will earn have a fluctuating rate of return as follows: A guarantee of a minimum of 4.0% interest on their DROP deposits up to a maximum equal to the actual annual rate of return of the pension system minus 1.0%.
Appears in 1 contract
Sources: Collective Bargaining Agreement
Deferred Retirement Option Plan (DROP. Employees eligible for retirement based on age and/or years of service may 4elect elect to participate in the DROP per Retirement System Byby-Lawslaws. Employees enrolling in the DROP on or after 1/1/2010 will earn a minimum of 4.0% interest on their DROP deposits up to a maximum equal to the actual annual rate of return of the pension system minus 1.0%.
Appears in 1 contract
Sources: Collective Bargaining Agreement