The Fire DROP is for members of the Fire Service Pension Plan who are covered under the IAFF Local No. 1619 Collective Bargaining Agreement at the time of his/her election to become a participant of the DROP.
A maximum of four (4) employees may enter the DROP each calendar month; the employees with the greatest seniority shall be selected.
Employees who are interested in participating in the DROP must complete an Interest of Participation form during the announced enrollment period. The date of entry is always effective the first day of the month.
Forms should be submitted to firstname.lastname@example.org.
Participation as of desired entry date is not guaranteed and is based on seniority. A Retirement Analyst will notify employees of their standing.
Once selected, an Application for Enrollment is completed.
Once enrolled in the DROP, the following deposits will be added to the account either monthly or when applicable:
Monthly pension benefit calculated as of DROP entry date.
Bi-weekly payroll pension contributions
Interest compounded monthly
Annual Fire Bonus
Annual retiree Cost of Living Adjustment(s)