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Commission approves first reading of ordinance expanding DROP access and allowing disbursements while employees remain employed
Summary
The City Commission on May 7 gave unanimous first‑reading approval to an ordinance that broadens DROP participation to all pension fund members and allows participants to request their DROP account balances when the five‑year DROP period ends even if they remain employed by the city.
The City Commission approved on first reading an ordinance amending the pension code to (1) reopen eligibility for the Deferred Retirement Option Plan (DROP) to all members of the City of Hollywood Employees Retirement Fund and (2) permit distribution of DROP account balances to participants when the DROP period ends even if the participant continues in city employment.
City Manager David Keller, speaking at the May 7 meeting, described the two core elements of the proposal. First, the ordinance would restore DROP eligibility to all fund members who meet the underlying retirement age or service requirements; second, it would let DROP participants request a disbursement of the DROP account balance when the five‑year DROP term ends without the…
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