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Chairman's Message
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DROP
The acronym DROP stands for
Deferred Retirement Option Plan. It is a benefit that was
negotiated between the City and the Union. You must be
eligible for normal retirement to be eligible for DROP. It
works like this. You retire on paper. You contact the plan
administrator and notify your employer that you are retiring
and entering the DROP plan. You have papers to sign and will
need to select a form of benefit. The next day you report to
work under the same conditions that you worked under the
day before. The difference is that your pension check is
held for you by the pension plan. You will earn an interest
rate that matches the assumed rate of return that is
determined each year by the plan's actuary. You will no
longer need to contribute to the pension plan, you will no
longer be earning credited service and you will be able to
cash in your unused sick time according to your contract.
When you separate from service, you will receive the amount
of money in your DROP account, and your regular monthly
pension benefit. In order to determine if DROP is right for
you, we recommend that you consult with your financial
professional. DROP is not for everyone. The pension plan
cannot determine this for you.
George Mitchell, Chairman
March 29, 2013
Subsequent articles will be posted on our website
www.pompgers.org
from time to time.
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