Deferred Retirement Option Plan definition

Deferred Retirement Option Plan or “DROP” means the DROP program for sworn deputy sheriffs and uniformed correctional officers. Uniformed Correctional Officer includes only the following positions: Correctional Officer I, Correctional Officer II, Correctional Officer III, Correctional Dietary Officer I, Correctional Dietary Officer II, and Correctional Supervisor-Sergeant.

Deferred Retirement Option Plan or "DROP" means a

Deferred Retirement Option Plan or “DROP” means a local law plan retirement option in which a firefighter may elect to participate. A firefighter may retire for all purposes of the plan and defer receipt of retirement benefits into a DROP account while continu- ing employment with his or her employer. However, a firefighter who enters the DROP and who is otherwise eligible to participate shall not thereby be precluded from participating, or continuing to participate, in a sup- plemental plan in existence on, or created after, the effective date of this act.

Examples of Deferred Retirement Option Plan in a sentence

• The Memorandum of Understanding regarding the Deferred Retirement Option Plan (DROP) is attached to and is incorporated by reference as part of this Agreement.

• A state police command officer participating in the deferred retirement option plan authorized in section 24a of Public Act 182 of 1986, as added in Public Act 83 of 2004, continues as an active employee as provided in Rule 5-17 [Deferred Retirement Option Plan for State Police Command Officers].[Rule 2-17 last amended effective April 29, 2004] 2-18 Training2-18.1 ResponsibilityEach appointing authority is responsible for in-service training.

• State Patrol employees hired on or prior to January 4, 1979 who are eligible for and elect to enter the Deferred Retirement Option Plan (DROP), shall be paid for all unused vacation leave, one quarter of his/her sick leave not to exceed 50 days, and compensatory time at the time of entry into the Deferred Retirement Option Plan.

• The monthly retirement benefits, that would have been payable had the person elected to cease employment and receive a service retirement allowance, are paid into the Deferred Retirement Option Plan Fund Account.

• State Patrol employees hired after January 4, 1979 who are eligible for and elect to enter the Deferred Retirement Option Plan (DROP), shall be paid for all unused compensatory time at the time of entry into the Deferred Retirement Option Plan.

More Definitions of Deferred Retirement Option Plan

Deferred Retirement Option Plan or "DROP" means the plan

Deferred Retirement Option Plan means an option for retirement provided by the Arkansas Teacher Retirement System or any other deferred retirement option plan created or authorized for creation by law under a reciprocal system.

Deferred Retirement Option Plan or “DROP” means a local law plan retirement option in which a police officer may elect to participate. A police officer may retire for all purposes of the plan and defer receipt of retirement benefits into a DROP account while continuing employment with his or her employer. However, a police officer who enters the DROP and who is otherwise eligible to participate may shall not thereby be precluded from participation or continued participation participating, or continuing to participate, in a supplemental plan in existence on, or created after, March 12, 1999 the effective date of this act.

Deferred Retirement Option Plan or “DROP” means a local law plan retirement option in which a police officer may elect to participate. A police officer may retire for all purposes of the plan and defer receipt of retirement benefits into a DROP account while continuing employment with his or her employer. However, a police officer who enters the DROP and who is other- wise eligible to participate shall not thereby be precluded from participating,

Deferred Retirement Option Plan or "DROP" means a 694 local law plan retirement option in which a police officer may 695 elect to participate. A police officer may retire for all

Deferred Retirement Option Plan or "DROP" means a program

Deferred Retirement Option Plan means an option for