The Police DROP is for members of the Police Pension Plan who are covered under the F.O.P. Lodge 89 Collective Bargaining Agreement at the time of his/her election to become a participant of the DROP.
A maximum of eight (8) employees may enter the DROP each calendar month, of those 8 employees, no more than two (2) Lieutenants and two (2) Sergeants may participate.
Employees who are interested in participating in the DROP must complete an Interest of Participation form no later than 30 days prior the anticipated entry date. 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 the desired entry date is not guaranteed and is based on seniority. A Retirement Analyst will notify employees of their standing.
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 retiree Cost of Living Adjustment(s)
- Interest of Participation
- Application for Enrollment
- Participant Beneficiary Designation/Change
- Exit Form