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Retiring lieutenant asks board to review DROP policy language for members leaving DROP early
Summary
Retiring Lieutenant Robert Russell asked the board to review language in the DROP policy after he reported that leaving the DROP before three years locked him into a previously elected payment form that increased his out-of-pocket cost; board said it will consult plan counsel and actuary and discuss the issue in closed session.
Retiring Lieutenant Robert Russell addressed trustees during public comment to request a review of the plan’s Deferred Retirement Option Program (DROP) language.
Russell said he will retire after 29½ years and exited the DROP at two years — before the program’s three‑year “maturity” provision. He told trustees the plan document states that if a participant leaves DROP before the…
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