Indiana Code 36-8-8.5-10. DROP election requirements
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Sec. 10. A member who elects to enter the DROP shall agree to the following:
(2) While in the DROP, the member shall continue to make contributions to the applicable fund under the provisions of that fund.
(1) The member shall execute an irrevocable election to retire on the DROP retirement date and shall remain in active service until that date.
Terms Used In Indiana Code 36-8-8.5-10
- applicable fund: means the following:
Indiana Code 36-8-8.5-3
- DROP: means the deferred retirement option plan established by this chapter. See Indiana Code 36-8-8.5-4
- DROP entry date: means the date that a member's DROP election becomes effective. See Indiana Code 36-8-8.5-6
- DROP retirement date: means the future retirement date selected by a member at the time the member makes a DROP election. See Indiana Code 36-8-8.5-8
(3) The member shall elect a DROP retirement date not less than twelve (12) months and not more than thirty-six (36) months after the member’s DROP entry date.
(4) The member may not remain in the DROP after the date the member reaches any mandatory retirement age that may apply to the member.
(5) The member may make an election to enter the DROP only once in the member’s lifetime.
As added by P.L.62-2002, SEC.5.