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This document serves as a comprehensive guide for members of the Fairfax County Retirement System regarding the Deferred Retirement Option Program (DROP) exit process. It includes the necessary forms to complete, options for receiving DROP balance payments, tax withholding instructions, direct deposit authorization, and relevant contact information for submission.
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What is drop exit checklist?
The drop exit checklist is a document that outlines the necessary steps and important information to ensure a smooth exit from a Deferred Retirement Option Plan (DROP).
Who is required to file drop exit checklist?
Participants in a DROP who are nearing the end of their DROP period are required to file a drop exit checklist.
How to fill out drop exit checklist?
To fill out the drop exit checklist, participants should accurately complete each section with required information, review for completeness, and submit it to the appropriate retirement plan administrator.
What is the purpose of drop exit checklist?
The purpose of the drop exit checklist is to ensure that all necessary procedures are followed and to collect relevant data to facilitate the transition from DROP to retirement.
What information must be reported on drop exit checklist?
The drop exit checklist typically requires information such as participant's personal details, DROP account balance, retirement date, and indication of any options selected for pension payouts.
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