DROP Benefit. The employee’s DROP benefit shall be the regular monthly retirement benefit to which the employee would have been entitled if he/she had actually retired on the DROP date, less the annuity withdrawal reduction as set forth in Subsection G, if applicable. The employee’s DROP benefit shall be credited monthly to the employee’s individual DROP account. At the time an employee elects to participate in the DROP, his/her choice of a straight life retirement allowance or an optional form of retirement allowance as set forth in the Macomb County Employee Retirement Ordinance shall be irrevocable.
DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the member would have been entitled if the member had actually retired on the DROP Date (less the annuity withdrawal reduction as set forth in subsection F, if applicable). The participant’s DROP Benefit shall be credited monthly to the participant’s individual DROP Account. A member who elects to participate in the DROP may prior to or at the time of their termination of employment elect to receive his or her benefit in the form of the Plan’s Option I or Option II benefit and nominate a named beneficiary. A Participant desiring to (1) change their form of benefit at termination of employment or (2) have a new spouse recognized for purposes of the Plan’s post-retirement surviving spouse benefit, must make such election prior to termination and will receive the actuarially computed revised benefit commencing on the member’s effective date of termination. Such actuarial re-computation shall include the member’s election of Annuity Withdrawal pursuant to Subsection F herein. The term “spouse” for purposes of benefit qualification, shall mean: (1) the person to whom the Participant was legally married to on the Participant’s date of death if such death occurs during DROP Participation; or (2) the person to whom the retirant was legally married on both the effective date of termination of employment and the retirant’s date of death if such death occurs after termination of Employment. The definition of “spouse” herein may be amended pursuant to an Eligible Domestic Relations Order entered pursuant to Michigan Public Act 46 of 1991, as amended (MCL §38.1701 et seq.).
DROP Benefit. The employee's DROP benefit shall be the regular monthly retirement benefit to which the employee would have been entitled if he/she had actually retired on the DROP date, less the annuity withdrawal reduction as set forth in Subsection G, if applicable. The employee's DROP benefit shall be credited monthly to the employee's individual DROP account. At the time an employee elects to participate in the DROP, his/her choice of a straight life retirement allowance or an optional form of retirement allowance as set forth in the Macomb County Employee Retirement Ordinance and/or the applicable Collective Bargaining Agreement shall be irrevocable.
DROP Benefit. The participant’s DROP Benefit shall be the regular monthly retirement benefit to which the member would have been entitled if the member had actually retired on the DROP Date (less the annuity withdrawal reduction as set forth in subsection F, if applicable). The participant’s DROP Benefit shall be credited monthly to the participant’s individual DROP Account. A member who elects to participate in the DROP may prior to or at the time of their termination of employment elect to receive his or her benefit in the form of the Plan’s Option I or Option II benefit and nominate a named beneficiary. A member desiring to change their form of benefit at termination of employment must make such election prior to termination and will receive the actuarially computed revised benefit commencing on the member’s effective date of termination. The term “spouse” for purposes of benefit qualification, shall mean the person to whom the retirant was legally married on both the effective date of termination of employment and the date of death.
DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the Participant would have been entitled if the Participant had actually retired on the DROP Date. The Participant’s DROP Benefit shall be credited monthly to the Participant’s individual DROP account. If a member elects to participate in the DROP he/she may prior to or at the time of the cessation of the services for the County Sheriff Department elect to receive his or her benefit in any form permitted under the DROP and nominate a named beneficiary. The Participant may only receive their DROP account by terminating their employment as an independent contractor with the County. Upon termination of their employment with the County the Participant shall be entitled to receive their DROP account and shall begin receiving their normal retirement benefits. The maximum period for participation in the DROP is three (3) years (the Participation Period). There is no minimum time period for participation. The Participant must cease providing services to the County, whether pursuant to the Agreement or otherwise, within the Participation Period. Upon cessation of Participant’s services to the County, the Participant shall receive the monthly retirement benefit previously credited to his DROP Account unless an optional form of benefit is elected pursuant to paragraph 8. Interest or appreciation on the DROP Account however will continue to accrue during such a forfeiture period.
DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the Employee would have been entitled if the Employee had actually terminated employment and retired on the DROP Date (less the annuity withdrawal reduction as set forth in Subsection F and/or actuarial reductions as a result of the Employee electing an Optional form of benefit under the Plan, if applicable). The Participant’s DROP Benefit shall be credited monthly to the Participant’s individual DROP Account. A DROP Participant may at the time of the DROP Election elect to receive his or her benefit in the form of the Plan’s Option I or Option II Benefit and nominate a named beneficiary in accordance with the General Retirement System provisions. The term “spouse” for purposes of benefit qualification of DROP Participants, shall mean: (1) the person to whom the Participant was legally married to on the Participant’s date of death if such death occurs during DROP Participation; or (2) the person to whom the retirant was legally married on both the effective date of termination of DROP Participation and the retirant’s date of death provided such death occurs after termination of DROP Participation. The definition of “spouse” herein may be amended pursuant to an Eligible Domestic Relations Order entered pursuant to Michigan Public Act 46 of 1991, as amended, (MCL§38.1701, et seq.).
DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the employee would have been entitled if the employee had actually terminated employment and retired on the DROP Date (less the annuity withdrawal reduction as set forth in Subsection F and/or actuarial reductions as a result of the employee electing an Optional form of benefit under the Plan, if applicable). The calculation of the employee’s “Average Final Compensation” (“AFC”) shall be based upon the contract provisions in effect on the employee’s DROP Date and to the extent applicable, shall include all monies which, if the employee had terminated employment on their DROP Date, would have otherwise been included in calculating the Employee’s AFC. It is expressly understood that the actual amount of “separation buyout monies” included in AFC may be different in amount than the “separation buyout monies,” if any, paid to the DROP Participant at actual termination of employment. The Participant’s DROP Benefit shall be credited monthly to the Participant’s individual DROP Account. A DROP Participant may prior to his or her DROP date elect to receive his or her benefit in the form of the Retirement System’s Option I or Option II benefit and nominate a named beneficiary in accordance with the Retirement System provisions. A Participant’s DROP Benefit that is credited monthly in to the Participant’s DROP Account shall not change during the Participant’s DROP Participation. The term “spouse” for purposes of survivorship benefit qualification of DROP Participants, shall mean: (1) the person to whom the Participant was legally married on the Participant’s date of death if such death occurs during DROP Participation; or (2) the person to whom the retiree was legally married on both the effective date of termination of employment and the retiree’s date of death in the event such death occurs after termination of employment. The definition of “spouse” herein may be amended pursuant to an Eligible Domestic Relations Order entered pursuant to Michigan Public Act 46 of 1991, as amended (MCL §38.1701 et seq.).
DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the Employee would have been entitled if the Employee had actually terminated employment and retired on the DROP Date (less the annuity withdrawal reduction as set forth in Subsection F and/or actuarial reductions as a result of the Employee electing an Optional form of benefit under the Plan, if applicable).
