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

Deferred Retirement Option Program (DROP. A. Employees who choose to enter the DROP plan may sell back up to a maximum of 500 hours of accrued personal leave hours before entering the program. B. If the employee chooses to sell back accrued personal leave hours before entering the DROP plan, the maximum accrual shall remain at three years. Upon final retirement, the employee shall be eligible to sell back three years’ worth of accrued and unused personal leave minus the amount sold back before entering the DROP.

Deferred Retirement Option Program (DROP. A. Employees who choose to enter the DROP plan may sell back up to a maximum of 500 hours of accrued and unused personal leave hours before entering the program. B. If the employee chooses to sell back accrued and unused personal leave hours before entering the DROP planDROP, the maximum accrual shall of personal leave will remain at three (3) years. Upon final retirement, the employee shall be eligible to sell back three years’ worth of accrued and unused personal leave minus the amount sold back before entering the DROP.