|
|
 |
 |
Directory
home Under Florida law, e-mail addresses are public
records. If you do not want your e-mail address released in response to a
public-records request, do not send electronic mail to this entity. Instead,
contact this office by phone or in writing. |
 |
Once you have attained 20 years of service, and are at least age 55, or attained 3 years of service and are at least age 62, you are eligible to enter the Deferred Retirement Option Plan (DROP). DROP ProvisionsYour election to enter the DROP is irrevocable and cannot later be changed. You may participate in the DROP for a maximum of five years (60 months), and must agree to terminate your employment no later than the end of this period. DROP participants are not entitled to pre-retirement death or disability benefits from the Retirement System. DROP Account Your DROP Account will be credited with the monthly benefit you would have received had you retired from service on the date you enter the DROP, taking into consideration any optional form of benefit selected, as explained in the RETIREMENT BENEFITS section of this document. Your DROP Account will be credited with interest at the same rate as the investment earnings assumption for the Plan. Upon Termination Upon termination of employment, you will receive a distribution of your accumulated DROP Account balance and will begin receiving a monthly benefit equal to the monthly benefit you would have received had you retired from service on the date you entered the DROP, taking into consideration any optional form of benefit selected. Cost of Living Adjustments Your monthly benefit will not be eligible for cost of living adjustments while you are participating in the DROP. Your monthly benefit will qualify for a cost of living adjustment beginning on the first anniversary of your termination from employment, payable on the following October 1. This is described in more detail in the Cost of Living Adjustment section later in this document. |
 |
||||
|
|
