Deferred Retirement Option Program definition

Deferred Retirement Option Program. (DROP) means the Program described in § 46-64.
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Deferred Retirement Option Program. (DROP): means Tthe Program described in § 46-64.
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Examples of Deferred Retirement Option Program in a sentence

  • If an employee is being paid annual leave as a result of entering the Deferred Retirement Option Program (DROP), the maximum payout of annual leave shall not exceed the statutory maximum of 500 hours.

  • The Parties agree to establish a Deferred Retirement Option Program (DROP) generally consistent with the principles and structure of the existing program for Fire and Police personnel.

  • A non-reappointment, including the non-reappointment of annual contract teachers who have completed the Deferred Retirement Option Program, shall not be construed as a layoff, nor shall a transfer (voluntary or involuntary) or a reassignment.

  • Employees not eligible to participate in the Phased Retirement Program include those who have received notice of non-reappointment, layoff, or termination and those who participate in the State's Deferred Retirement Option Program (DROP).

  • Employees who are participants in the Deferred Retirement Option Program (DROP) shall not be subject to sections A., B., D., and E.

  • If an employee elects to enter the Deferred Retirement Option Program (DROP), s/he may receive annual leave pay-out subject to the provisions of DROP.

  • Educational Support Personnel of the Bay District Schools will be paid terminal pay for accumulated sick leave at retirement, in accordance with Deferred Retirement Option Program (DROP) or to his/her beneficiary if terminated by death.

  • The pension plan for eligible employees of this bargaining unit is provided through the State of Florida, Florida Retirement System (FRS) in accordance with terms and provisions contained in Florida Statutes, which currently includes provisions for a Deferred Retirement Option Program.

  • Every full-time employee, except for participants in the Deferred Retirement Option Program, shall be entitled to Sick Leave with full pay of one-half (1/2) day (computed at straight time) for each completed two (2) week pay period of service.

  • Employees participating in the Deferred Retirement Option Program (DROP) shall be permitted to receive the terminal sick leave pay for which they are eligible at the time they enter the program.

Related to Deferred Retirement Option Program

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Retirement program means a program of rights and obligations which a county, city, village, or township establishes, maintains, or participates in and which, by its express terms or as a result of surrounding circumstances, does 1 or more of the following: