Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Plan Provisions - Deferred Retirement Option Plan (D.R.O.P.)

   

Once you have attained 20 years of service, and are at least age 55, or attained 3 years of service and are at least age 62, you are eligible to enter the Deferred Retirement Option Plan (DROP).

DROP Provisions

Your election to enter the DROP is irrevocable and cannot later be changed. You may participate in the DROP for a maximum of five years (60 months), and must agree to terminate your employment no later than the end of this period. DROP participants are not entitled to pre-retirement death or disability benefits from the Retirement System.

DROP Account

Your DROP Account will be credited with the monthly benefit you would have received had you retired from service on the date you enter the DROP, taking into consideration any optional form of benefit selected, as explained in the RETIREMENT BENEFITS section of this document. Your DROP Account will be credited with interest at the same rate as the investment earnings assumption for the Plan.

Upon Termination

Upon termination of employment, you will receive a distribution of your accumulated DROP Account balance and will begin receiving a monthly benefit equal to the monthly benefit you would have received had you retired from service on the date you entered the DROP, taking into consideration any optional form of benefit selected.

PLEASE NOTE: -- DROP participants wishing to exit the DROP must notify the Pension Office of their employment termination date, and therefore their intent to exit the DROP, at least seven (7) business days prior to the next scheduled Board meeting date in order to have their DROP exit approved at that meeting. DROP exit notifications received after the cutoff date will be placed on the following monthís meeting agenda and may delay the issuance of the participantís DROP distribution and the start of their monthly retirement benefit payments.

Cost of Living Adjustments

Your monthly benefit will not be eligible for cost of living adjustments while you are participating in the DROP. Your monthly benefit will qualify for a cost of living adjustment as described in detail in the Cost of Living Adjustment section of this site.

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