(a) Lump sum payment. Unless elected otherwise by a DROP participant, payment of the account balance under § 5-1-512(b) shall be made in a lump sum to the participant within 30 days of the first day of the month following expiration of the DROP participation period and the DROP participant's termination from County employment.
(b) One-time deferral of the lump sum payment. The participant may elect a one-time deferral of the lump sum payment of the account balance on the form required by the Personnel Officer, provided the election is submitted no later than the expiration of the DROP participation period; the participant is not entitled to interest on the account balance because of the deferral; and payment is made within 30 days after a request is submitted to the Personnel Officer on the form required by the Personnel Officer and on or before the participant is 70½ years of age.
(c) Payment in cash; exception. Unless otherwise elected by a DROP participant, a lump sum payment under subsection (a) or subsection (b) shall be made in cash. If permitted by federal law at the time of the payment, payment may be made by transfer or direct rollover to an eligible retirement plan as defined in the Internal Revenue Code.
(d) Sole responsibilities of participant. Selection of the retirement account, plan, or annuity and the tax consequences of a transfer or direct rollover under subsection (c) are the sole responsibility of the participant and, upon transfer or direct rollover of the account balance to the retirement account, plan, or annuity, the County has no further obligation regarding the account balance credited to the participant as described by § 5-1-508(c).
(1985 Code, Art. 7, § 1-513) (Bill No. 90-01)