Members of all three Retirement Systems can calculate their own DROP Benefit Estimates, by logging into Web Member Services by clicking on Retirement Account Log In. Watch DROP Counseling Group Session online or on FCTN.Internet instructions for self-prepared DROP estimates.DROP Summary Information ( ERS, PORS, URS ).Benefit Estimate (prepared by retirement counselor).Those who choose to enter DROP must return a completed application packet to the Retirement Systems Office at least 60 days PRIOR to DROP enrollment date.Īpplication Package - DROP Application Packages will be provided at your pre-scheduled DROP counseling session. Walk-in hours for DROP counseling are not available - therefore, if you are eligible to enter DROP, or plan to enter DROP within the following 6-9 months, please call 70 to arrange for DROP counseling.ĭROP enrollments may only be effective on the first day of a pay period. You must make an appointment to receive DROP counseling. DROP Counseling - for Eligible Employees.Outline & Summary for Public Safety Employees (PORS & URS).Outline & Summary for Civilian Employees (ERS). ![]() The employee does not earn service credit towards retirement during the DROP period. The monthly benefit that is credited to the DROP participant's account balance is calculated using service and final compensation as of the date of entry in DROP, with increases equal to the annual retiree COLA. The account balance is credited with 5% interest per year. During the DROP period, the pension plan accumulates the monthly benefit in an account balance identified as payable to the member only at the end of the DROP period. Those who began receiving their Social Security payments before May 1997 receive their benefits on the 3rd of each month.DROP provides the ability for an employee to retire for purposes of the pension plan, while continuing to work and receive a salary for a period of up to three years. SSI recipients receive their payments on the first day of each month or the last day of certain months if the first day falls on a weekend.
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