(a) A DROP account is a nominal account established within the Retirement System on behalf of each DROP participant. All amounts payable to the DROP participant at the conclusion of his or her participation shall be accounted for in the DROP account.
(b) The DROP account shall include:
(1) An amount, posted monthly, which is equal to the monthly service retirement allowance to which the participant would be entitled using the formula in the Retirement System program in which the participant is a member on the effective date of his or her entry into the DROP, less any "Gillmore" payments advanced during the DROP participation period.
(2) Adjustments for cost of living and supplemental cost of living equal to the adjustments the participant would be entitled to receive based on the monthly service allowance in Subsection 16.63-2(b)(1).
(3) Interest in the amount of four percent annually. Interest will be credited to the participant's DROP account monthly. No interest shall accrue after participation in the DROP ceases.
(c) During participation in the DROP, no right to claim payment of the DROP distribution shall accrue to any party, including the DROP participant. Upon termination of participation in the DROP, the DROP distribution shall be subject to claims in the same manner as any other lump sum retirement distribution.
(d) Lump sum amounts, including those representing compensatory time, accrued vacation, or accrued sick pay shall not be posted in the DROP account.
(Added by Ord. 93-08, File No. 080464, App. 5/23/2008)