(a) Election to withdraw. Except as provided in subsection (b), a DROP participant may elect to withdraw from participation in the DROP only by terminating employment with the County.
(b) Withdrawal form. A DROP participant may withdraw from participation at any time before the end of the initial DROP participation period by filing a request to withdraw on the form required by the Personnel Officer no later than 30 days before the end of the term.
(c) Prohibition from participating after withdrawal. A DROP participant who elects to withdraw under subsection (b) may remain employed by the County and is prohibited from participating in the DROP during the remainder of the participant’s employment with the County.
(d) Withdrawal before end of participation period. A DROP participant whose participation ends prior to the end of the DROP participation period because of a termination of employment, ineligibility to participate in the plan for any reason, or an election to withdraw under subsection (b):
(1) forfeits any entitlement to the DROP benefit under § 5-1-512(b); and
(i) that is reduced by an amount actuarially equivalent to the employee contributions not made during the DROP participation period until the reductions equal the amount actuarially equivalent to the employee contributions not made during DROP participation;
(ii) if the participant remains a County employee, that is reduced by an amount actuarially equivalent to the employee contributions not made during the DROP participation period until the participant pays to the pension system an amount that is equal to the employee contributions not made during the DROP participation period through payroll deductions over a period not to exceed three years; or
(iii) that is not reduced if, within 30 days of DROP withdrawal or within 30 days of leaving County employment, whichever is later, the participant deposits into the pension system an amount equal to the employee contributions not made during the DROP participation period.
(e) DROP benefit only for each full completed year. A DROP participant who terminates employment with the County after the first three-year term of the DROP participation period, and before the completion of any additional one-year term, is entitled to a DROP benefit only for each fully completed year of DROP participation. Interest may not accrue on an account balance for any period of DROP participation that is less than a full year.
(1985 Code, Art. 7, § 1-509) (Bill No. 90-01; Bill No. 66-05; Bill No. 50-15; Bill No. 58-23)