(a) Upon the simultaneous termination of DROP participation and employment as a sworn member of the City’s Fire Department, Police Department, Harbor Department, or Department of Airports, a member shall be entitled to receive:
(1) a monthly retirement allowance in the amount determined under the Charter that was credited monthly to the member’s DROP account at the date of termination of DROP participation, including any applicable COLA; and
(2) all amounts credited to the member’s DROP account on the effective date of termination of DROP participation, subject to applicable taxes and any domestic relations court orders regarding community property distributions.
(b) The form of payment from the DROP account shall be a lump sum distribution. Members may also elect a direct rollover of the proceeds in their DROP account to an eligible retirement plan pursuant to Section 4.2107(b)(4). The Board shall set forth the rules regulating the distribution of the DROP account, including the time period within which the distribution must be taken.
SECTION HISTORY
Added by Ord. No. 174,540, Eff. 5-8-02.
Amended by: Subsec. (a), Ord. No. 177,214, Eff. 1-4-06; Subsec. (a), Ord. No. 184,853, Eff. 4-6-17.