§ 36-8-8.5-10 — DROP election requirements

Indiana § 36-8-8.5-10

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 8: PUBLIC SAFETY
• Ch. 8.5: Deferred Retirement Option Plan (DROP)

Text

A member who elects to enter the DROP
shall do the following:
(1) Agree to the following:
(A) The member shall execute an irrevocable election to retire
on the DROP retirement date and shall remain in active service
until that date.
(B) While in the DROP, the member shall continue to make
contributions to the applicable fund under the provisions of that
fund.
(C) The member shall elect a DROP retirement date not less
than twelve (12) months and not more than:
(i) thirty-six (36) months after the member's DROP entry
date, for a member who executes an election described in
clause (A) before July 1, 2024; or
(ii) sixty (60) months after the member's DROP entry date,
for a member who executes an election described in clause
(A) after June 30, 2024.
(D) The member may not remain in the DROP after the date the
member reaches any mandatory retirement age that may apply
to the member.
(E) The member may make an election to enter the DROP only
once in the member's lifetime.
(2) Notify the member's employer of the DROP election within
thirty (30) days of the election.

Legislative History

As added by P.L.62-2002, SEC.5. Amended by P.L.129-2024, SEC.10; P.L.136-2024, SEC.56.