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(a) The DROP Account is an account established for book-keeping purposes within the Retirement System for each member who elects to enter DROP.
(b) Commencing with the first pay period after the entry of a member into the DROP, and for each pay period thereafter so long as the member participates in the DROP, the service pension (including any Cost of Living Adjustments) to which the member would otherwise be entitled based on their compensation, age, and length of service as of their date of their entry into the Program, shall be credited monthly into a DROP Account established within the Retirement System for each individual participant.
(c) A participating member, to the extent permitted by law and regulations established by the Retirement Board and the Board of Supervisors, may direct the crediting into that member's DROP Account the dollar value of any compensatory time off, accrued unused vacation, or accrued Sick Pay, if any, to which the member may be entitled, in lieu of receiving a payout of those amounts upon the date of entry into the DROP.
(d) The DROP Account into which the member's monthly service pension is credited shall also be credited on a monthly basis with interest at an annual effective rate of four percent throughout the period of the member's participation in the DROP.
(Added by Proposition B, Approved 2/5/2008)