Deferred Retirement Option Plan (DROP. 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. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods. 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. Payment received for unused vacation and sick leave accumulated during the final 3 years of service only shall be included in the final average monthly salary calculation. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods. Per Nebraska Revised Statute section 81-2041 State Patrol employees hired on or after July 1, 2016 are specifically prohibited from participating in the Deferred Retirement Option Plan (DROP).
Deferred Retirement Option Plan (DROP. Subject to mutual agreement of the parties the State agrees to investigate the feasibility of a “DROP” program. Should the parties agree to a “DROP” program, no costs shall be borne by the State.
Deferred Retirement Option Plan (DROP. Employees eligible for retirement based on age and/or years of service may elect to participate in the DROP per Retirement System By-Laws. Employees enrolling in the DROP on or after 1/1/2010 will earn a minimum of 4.0% interest on their DROP deposits up to a maximum equal to the actual annual rate of return of the pension system minus 1.0%. Rate of return based on the asset summary from the annual actuarial valuation specifically the nominal rate of return on smooth market value as reported in the most recent received and approved actuarial report.
Deferred Retirement Option Plan (DROP. 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. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods. 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. Payment received for unused vacation and sick leave accumulated during the final 3 years of service only shall be included in the final average monthly salary calculation. Payment will be made at the employee’s hourly rate in effect at the time of entry into the Plan. This payment shall be made within the employee’s next two regularly scheduled pay periods.
Deferred Retirement Option Plan (DROP. The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to Captain on or after May 1, 2007. Current bargaining unit members participating in the DROP will be allowed to maintain money in their DROP account until age 59.5 or upon separation of employment, whichever is later. Specifications for the DROP are contained in APPENDIX “D”. An employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease for current employees participating in the DROP.
Deferred Retirement Option Plan (DROP. The Employer shall seek the introduction of legislation to the County Council, on or before April 1, 2015, to amend the Xxxxxxxxxx County Code, Chapter 33, Article III to provide for a Deferred Retirement Option Plan (DROP) for sworn deputy sheriffs and uniformed correctional officers under a new Section 33-38A(c), established as follows, with an effective date of July 1, 2015: Any employee who is a sworn deputy sheriff or uniformed correctional officer (as defined in (a)) who meets the eligibility requirements may elect to retire but continue to work and have pension payments contributed to a DROP account. Pension payments must not be paid to the employee while the employee participates in the DROP. When the employee’s participation in the DROP ends, the employee must stop working for the county, begin receiving pension benefits based on the employee’s credited service and earnings as of the date that the employee began to participate in the DROP, and receive the DROP account balance.
Deferred Retirement Option Plan (DROP. 1. The Deferred Retirement Option Plan (DROP) is established effective April 1, 1997 for all employees hired before July 1, 2005. Employees hired on or after that date are ineligible for the DROP as set forth in San Diego Municipal Code section 24.1402.1.
Deferred Retirement Option Plan (DROP. 38.1: The Xxxxxxx Township Police and Fire Retirement System consists of a defined benefit plan. The Xxxxxxx Township Police Officers Association Deferred Retirement Option Plan (herein after referred to as the R.T.P.O.A. DROP) account shall be established as part of the defined benefit plan of the Retirement System or such other plan as the Township Board and the union shall agree upon (i.e., I.R.C. section 415(m) benefit plan) after consultation with appropriate legal counsel.
Deferred Retirement Option Plan (DROP. The Pension Fund shall establish a Deferred Retirement Option Plan (DROP). Pursuant to the DROP, eligible plan participants may, in accordance with the terms and conditions established in the plan document, elect to retire, and have their pension payments made into a DROP account. The DROP shall be available in accordance with the terms established by the Pension Fund trustees. In order to participate in the DROP, a plan participant must be eligible for retirement, whether early or normal. Upon a Participant’s election to participate in the DROP, he shall cease to be a Participant and shall no longer accrue any benefits under the Pension Fund. For all Fund purposes, the Participant becomes a Retirant. The amount of credited service and final average salary freeze as of the date of entry into the DROP. The DROP participant shall no longer contribute any portion of his salary to the ATU Local 1596 Pension Plan, nor shall the employer make any contributions to the ATU Local 1596 Pension Plan on behalf of the participant after the participant enters the DROP
Deferred Retirement Option Plan (DROP. Effective January 1, 2007, the existing pension plan shall be modified to provide for a deferred retirement option plan (DROP). The Drop shall be designed by the plan actuary in an actuarially neutral manner, which will allow police officers who are eligible for retirement under the Pension Plan to retire while still continuing their employment for a period not to exceed three (3) years. In order to enter the DROP Program, a retirement eligible officer must make the request in writing and specify the date on which he will separate from employment. During the period of time a member is in the DROP Program, the officer’s monthly pension benefit shall be deposited in a self-directed deferred compensation account, such accounts to be mutually agreed to by the parties. Notwithstanding any other provision of the Agreement, if an officer elects to enter the DROP, the officer will begin participating in the retired member’s healthcare plan that is in effect at the time of entry into the DROP. While the member remains in the DROP, the annual contribution towards the cost of retiree health care/prescription coverage shall be deducted in equal amounts from the first (1st) two (2) pays of each month.
