Examples of DROP period in a sentence
During the DROP period, a DROP Member retains all rights, privileges and benefits of being an active City employee, except as specifically modified in the DROP Plan Document, and is subject to the same terms and conditions of employment including disciplinary actions up to and including termination.
These monies are placed in a trust account and are distributed to the DROP participant upon termination of employment or completion of the DROP period whichever occurs first.
The Member continues to be eligible for the active employee Flex Benefits Program for the classification and is not eligible for “retiree” health benefits until such time as the Member completes or terminates the DROP period.
No withdrawals may be made from the DROP account until the Member completes or terminates his or her DROP period.
DROP will allow the participant to defer all retirement benefits payable during the DROP period.