Common use of DROP Benefit Clause in Contracts

DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the Participant would have been entitled if the Participant had actually retired on the DROP Date. The Participant’s DROP Benefit shall be credited monthly to the Participant’s individual DROP account. If a member elects to participate in the DROP he/she may prior to or at the time of the cessation of the services for the County Sheriff Department elect to receive his or her benefit in any form permitted under the DROP and nominate a named beneficiary. The Participant may only receive their DROP account by terminating their employment as an independent contractor with the County. Upon termination of their employment with the County the Participant shall be entitled to receive their DROP account and shall begin receiving their normal retirement benefits. The maximum period for participation in the DROP is three (3) years (the Participation Period). There is no minimum time period for participation. The Participant must cease providing services to the County, whether pursuant to the Agreement or otherwise, within the Participation Period. Upon cessation of Participant’s services to the County, the Participant shall receive the monthly retirement benefit previously credited to his DROP Account unless an optional form of benefit is elected pursuant to paragraph 8. Interest or appreciation on the DROP Account however will continue to accrue during such a forfeiture period.