(a) DROP participation shall be terminated by the first occurrence of any one of the following events:
(1) upon the member’s completion of the DROP participation period. The member may choose to leave DROP at any time during the participation period.
(2) involuntary termination of employment. At the member’s request, distribution of the DROP account will be withheld while the appeal of the member’s discharge is pending. Should the member be reinstated, the member may continue to participate in DROP if the account has been withheld. The period of DROP participation will continue under the terms of the original application.
(3) death of the member.
(4) approval of disability retirement benefits under the terms of this chapter.
(5) voluntary termination of employment prior to the completion of the DROP participation period.
(b) No interest shall accrue after any one of the events set forth in Subsection (a) terminating DROP.
SECTION HISTORY
Added by Ord. No. 174,540, Eff. 5-8-02.
Amended by: Subsec (a)(5) added, Ord. No. 183,163, Eff. 8-8-14; Subsec. (a)(1), Ord. No. 185,935, Eff. 1-23-19.