What Is the Drop Program in Ohio
The Deferred Retirement Option Plan (Drop) Is an Optional Benefit That Allows Eligible Police Officers and Firefighters to Accumulate a Lump Sum of Money for...
The Deferred Retirement Option Plan (DROP) is an optional benefit that allows eligible police officers and firefighters to accumulate a lump sum of money for retirement. Enrolling in DROP is a voluntary decision that members should make after careful consideration of their own individual situation.
How does a drop account work?
The DROP program stands for Deferred Retirement Option Plan. … You have actually “retired” and started drawing your pension. You continue to work and are paid your salary and overtime, but you are also paid your pension every month which is set aside in a separate account. This is known as your DROP account.
What is the drop program?
A deferred retirement option plan, or DROP, is a way for an employee who would otherwise be eligible to retire to keep working. … This allows the employee to start earning some retirement benefits, while the employer gets to retain the employee’s services (without further increasing that employee’s pension payout).
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