DROP interest definition

DROP interest means the actual rate earned and credited by
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DROP interest means the actual rate earned and credited by the board on the subsidiary DROP participant accounts, which shall not be less than zero percent nor more than four and one- half percent, annually.
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DROP interest means the actual rate earned and credited by the board on the subsidiary DROP participant accounts, which shall not be less than zero percent nor more than four and one-half percent, annually. (Def. added July 9, 2010, P.L.434, No.56)
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Examples of DROP interest in a sentence

  • DROP interest for each employee who participates in the DROP shall be at a fixed rate of 3.5% per annum, calculated in the same manner as the interest in the employee savings accounts in the Macomb County Employees Retirement System.

  • DROP interest for each employee who participates in the DROP shall be at a fixed rate of 3.5% per annum.

  • The DROP interest rate for each calendar year will never be less than 2½% or more than 6%.

  • If an employee does not terminate employment at the end of participation in the DROP, interest credits shall cease on the current balance and on all future DROP deposits.

  • R.T.P.O.A. DROP interest for each R.T.P.O.A. DROP participant shall be five percent (5%) per annum and credited to the participant's R.T.P.O.A. DROP account monthly.

  • The DROP interest rate is determined each December 31 and is calculated by taking the actual annual rate of fair market value return of the Plan’s investment portfolio minus Plan investment-related expenses, and then reduced by 2%.

  • The DROP interest rate is determined each December 31 and is calculated by taking the actual annual rate of fair market value return of the Plan’s investment portfolio minus Plan investment‐related expenses, and then reduced by 2%.