§ 5-1-512. Retirement benefits of participants.

   (a)   Generally. On the first day of the month following expiration of the DROP participation period and the DROP participant's termination from County employment, the participant is entitled to receive the first payment of an annual retirement benefit under § 5-4-203, § 5-5-203, or § 5-6-203:

      (1)   determined as if the participant had retired on the first day of the DROP participation period, using final average basic pay and credited service as of that day, except that credited service from disability leave accrued or used during the DROP participation period shall be included in the determination of the benefit; and

      (2)   adjusted by any changes under Title 7 that would have been applicable to the benefit since the first day of the DROP participation period.

   (b)   Payment. The participant shall receive payment of the account balance credited to the DROP participant as described by § 5-1-508(c) in the manner elected under § 5-1-513.

   (c)   Section not applicable. This section does not apply to a DROP participant whose DROP participation expires under § 5-1-506(c).

(1985 Code, Art. 7, § 1-512) (Bill No. 90-01; Bill No. 66-05; Bill No. 50-15)