Common use of Deferred Retirement Option Program Clause in Contracts

Deferred Retirement Option Program. 4 A Consolidated Pension Plan member who has elected to receive 5 Longevity payments rather than general (COLA) increases must, in order 6 to enter and continue to participate in the Deferred Retirement Option 7 Program (DROP), forego receipt of all general (COLA) salary increases 9 order to enter and continue to participate in the DROP, forego receipt of 10 all merit increases after the member’s entry into the DROP to the extent 11 such increase would result in the member’s base salary exceeding the top 12 of the salary range of the regular classification he/she was in, as it existed 13 when he/she entered the DROP. Such participants in the DROP remain 14 eligible to receive a promotional increase, but subsequent merit increases 15 would be limited as described above.

Deferred Retirement Option Program. 4 5 A Consolidated Pension Plan member who has elected selected to receive 5 Longevity 6 payments rather than general (COLA) increases must, in order 6 to enter and continue to 7 participate in the Deferred Retirement Option 7 Program (DROP), forego receipt of all 8 general (COLA) salary increases 9 order to enter and continue to participate in effective after the member’s entry into the DROP, forego . 10 receipt of 10 all merit increases after the member’s entry into the DROP to the extent such 11 such increase increases would result in the member’s base salary exceeding the top 12 of the salary 12 range of the regular classification he/she was in, as it existed 13 when he/she entered the DROP. Such participants in the DROP remain 14 eligible to receive a promotional increase, but subsequent merit increases 15 would be limited as described above.the