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Council advances fire department DROP proposal to second reading after actuarial review finds program revenue-positive
Summary
Council moved a Deferred Retirement Option Plan (DROP) ordinance to second reading after presentations showing the program could be revenue-positive for the fire pension and might retain experienced personnel; details of implementation and actuarial assumptions will be reviewed publicly.
Council heard an extended presentation on a proposed Deferred Retirement Option Plan (DROP) for the Saint Albans Fire Department and voted to move the ordinance to second reading.
Fire-department presenters explained the program mechanics: eligible employees may enter retirement but defer pension payout for up to five years while continuing to work at salary; deferred pension amounts…
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