Common use of Deferred Retirement Option Program Clause in Contracts

Deferred Retirement Option Program. A Consolidated Pension Plan member who has selected to receive Longevity payments rather than general (COLA) increases must, in order to enter and continue to participate in the Deferred Retirement Option Program (DROP), forego receipt of all general (COLA) salary increases effective after the member’s entry into the DROP. This member must, in order to enter and continue to participate in the DROP, forego receipt of all merit increases after the member’s entry into the DROP to the extent such increases would result in the member’s base salary exceeding the top of the salary range of the regular classification he/she was in, as it existed when he/she entered the DROP. Such participants in the DROP remain eligible to receive a promotional increase but subsequent merit increases would be limited as described above.