(a)    A covered employee eligible under Section 18-86(a) may elect to participate in the DROP (hereafter referred to as a “DROP member”) for a period not to exceed a maximum of the later of: (i) sixty (60) consecutive calendar months immediately following the date on which the employee first reaches his or her normal retirement date as provided under Section 18-86(a); or (ii) sixty (60) consecutive calendar months immediately following the date of the DROP election. However, a covered employee who has reached his or her normal retirement date under Section 18-86(a) prior to the effective date of the DROP shall be eligible to participate in the DROP for a period of time not to exceed sixty (60) consecutive calendar months immediately following the effective date of the DROP.

    (b)    Upon deciding to participate in the DROP, the covered employee shall submit, on forms required by the administrator:

    (1)    A written voluntary election to participate in the DROP, which includes selection of the DROP participation and termination dates, which satisfy the limitations stated in subparagraph (a).  Such termination date shall be in a binding letter of resignation with the Columbia police department or Columbia fire department, as applicable, establishing a deferred termination date.  The DROP member may change the termination date within the limitations of subparagraph (a), but only with the written approval of the chief of police or the fire chief, as applicable; and

    (2)    Any other information required by the administrator.

    (c)    Participation in the DROP does not alter the DROP member’s employment status and such DROP member shall not be deemed retired from employment until his or her deferred resignation is effective and termination occurs.

    (d)    Contributions required under Section 18-40 or Section 18-65 shall continue during the period of DROP participation by a DROP member.