Common use of Deferred Retirement Option Plan (DROP Clause in Contracts

Deferred Retirement Option Plan (DROP. The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to Captain on or after May 1, 2007. Current bargaining unit members participating in the DROP will be allowed to maintain money in their DROP account until age 59.5 or upon separation of employment, whichever is later. Specifications for the DROP are contained in APPENDIX “D”. An employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease for current employees participating in the DROP.

Deferred Retirement Option Plan (DROP. The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to Captain on or after May 1, 2007. Current bargaining unit members participating in the DROP will be allowed to maintain money in their DROP account until age 59.5 or upon separation of employment, whichever is later. Specifications for the DROP are contained in APPENDIX “DC”. An employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease for current employees participating in the DROP.

Deferred Retirement Option Plan (DROP. The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to Captain the bargaining unit on or after May November 1, 20072008. Current bargaining unit members participating in the DROP will be allowed to maintain money in their DROP account until age 59.5 or upon separation of employment, whichever is later. Specifications for the DROP are contained in APPENDIX “D”. An employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease for current employees participating in the DROP.