Chapter 18 PENSIONS*
Section 18-85 Generally.
Subject to the provisions of this Division 4, the Deferred Retirement
hereinafter referred to as the DROP, is a program under which a covered employee of the police
retirement fund or the firefighters retirement fund may elect to participate, deferring receipt
retirement benefits while continuing employment with the City. The deferred monthly benefits
shall accrue on behalf of the covered employee, plus interest compounded monthly, for the
specified period of the DROP participation, as provided herein. Upon termination of
employment, the covered employee shall receive the total DROP benefits and begin to receive
the previously determined normal retirement benefits. Participation in the DROP does not
guarantee employment for the specified period of the DROP.
(Ord. No. 19636, § 1, 8-20-07)
(Ord. 19636, Added, 08/20/2007)