Common use of DROP PLAN Clause in Contracts

DROP PLAN. The County and FOP 112 agree to establish a cost-neutral Deferred Retirement Option Program (DROP) for participants in the Deputy Sheriffs Pension Plan to be effective on June 1, 2022. The terms of the DROP shall be the same or similar to those for the DROP programs agreed to by the County and FOP Lodge 89, except that the DROP eligibility shall be set as two years past normal retirement age for the particular employee (as defined in the Plan), unless either: (a) the parties agree on or before March 1, 2022 to an alternative plan; or (b) the County obtains a cost estimate from the Plan’s actuary on or before December 2021, which shows that the Police Officer’s DROP plan as applied to the Deputy Sheriffs Pension Plan would impose costs to the County beyond those reasonably projected in the absence of the DROP program. If the County produces such a study, the County and FOP 112 will meet on or before January 15, 2022, to determine how the proposal may be modified to achieve the goal of a mutually agreeable DROP program, and agree to bargain over the implementation of such a DROP program.