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FormP020_6/11/2019Application to Enter DROP (Deferred Retirement Option Program) Original application must be received by the Retirement Systems office AT LEAST 60 days prior to DROP enrollment date.

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How to fill out deferred retirement option plan

01

Contact your HR department to inquire about the deferred retirement option plan (DROP).

02

Review the eligibility requirements for enrolling in the DROP program.

03

Complete the necessary enrollment forms and documentations as required by your employer.

04

Attend any informational sessions or meetings provided by your employer to learn more about the program.

05

Make sure to understand the financial implications and benefits of participating in the DROP program.

06

Consult with a financial advisor or retirement planning professional if needed before making a decision.

07

Submit your completed enrollment forms and wait for approval from your employer to officially begin the program.

Who needs deferred retirement option plan?

01

Employees who are eligible for retirement but wish to continue working for a few more years.

02

Employees who want to receive a lump-sum payment upon retirement in addition to their regular pension benefits.

03

Employees who want the option to retire early but continue working and accruing retirement benefits for a certain period.

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What is deferred retirement option plan?

Deferred Retirement Option Plan (DROP) is a retirement program offered by some public sector employers that allows eligible employees to defer retirement for a specified period while continuing to work.

Who is required to file deferred retirement option plan?

Employees who are eligible for DROP are required to file a deferred retirement option plan.

How to fill out deferred retirement option plan?

Employees must complete the necessary paperwork provided by their employer and submit it according to the employer's guidelines.

What is the purpose of deferred retirement option plan?

The purpose of a deferred retirement option plan is to provide employees with the option to continue working while earning a higher retirement benefit during the deferral period.

What information must be reported on deferred retirement option plan?

The deferred retirement option plan must include details such as the employee's retirement goals, deferral period, and any specific beneficiary information.

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