The Deferred Retirement Option Program (DROP), is a voluntary program for eligible members of the Fire Service and Police Pension Plans. The DROP provides plan members with an alternate retirement option. With the DROP, participants can “retire”, and their monthly pension benefit will begin accumulating into a DROP account.
Employees who participate in the DROP will continue to work for an additional three (3)
years and make contributions to the retirement plan.
made during the DROP period are added to the DROP account where it will earn
interest compounded monthly. When participation in the DROP ends, employment
also ends, and the participants will begin receiving their monthly pension
benefit plus the balance of their DROP account.
To participate in the DROP, employees must have at least 22 years of actual service. Leave and purchased prior military service do not count toward eligibility.
To participate in the DROP, employees must have at least 22 or 27 years of actual service, depending on date of hire or attain age 57 with at least five (5) years of service. Leave and purchased prior military service do not count toward eligibility.