§ A8.910

WITHDRAWAL OR ROLLOVER OF DROP ACCOUNTS

a.

Upon the termination or conclusion of a member’s participation in the DROP, the member shall be paid a lump sum equal to the balance in the member’s DROP Account, or, pursuant to the member’s instructions, that balance shall be paid as a direct rollover into a qualified retirement plan. The Retirement Board shall establish rules, and may develop such forms as may be appropriate, regarding distribution of the DROP Account proceeds, the rollover of such proceeds into a qualified retirement plan, and the time periods within such which distributions may be made.

b.

Upon the voluntary withdrawal of a member from the DROP, or the expiration of their participation period, the member shall be deemed to be retired on a service pension and shall then commence receiving directly the monthly service pension amount calculated pursuant to Section A8.903, including any cost of living adjustments to which the member would have been otherwise entitled during the time of their participation in the DROP, and shall, for all other purposes under this Charter and state law be deemed to be a retired member of the Police Department.

History

(Added by Proposition B, Approved 2/5/2008)

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