Deferred Retirement Option Program. The County and FOP 89 agree to establish a cost-neutral Deferred Retirement Option Program (DROP) for Police Pension Plan participants effective on January 1, 2019. The terms of the DROP shall be cost-neutral to the County and the Police Pension Plan, and shall be substantially similar to the comparable plan recently agreed to by the County and the International Association of Fire Fighters (IAFF) Local 1619, covering sworn fire fighters (with upward adjustments for the number of employees eligible). Should the Pension Plan’s actuary determine that this DROP is not cost-neutral when applied to the Police, then the parties shall meet to adjust the DROP to ensure cost-neutrality no later than August 31, 2018.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement