Board: DROP earnings credited through quarter before termination, per restatement language
Board advisors told a public commenter that DROP account earnings are credited through the most recent quarter prior to a firefighter’s termination, a policy reflected in the plan restatement’s Section 4.06; the restatement is awaiting city council placement but the board said its interpretation stands.
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At the Edgewater Firefighters Pension Board’s June 9 quarterly meeting, a public commenter asked what happens to DROP (deferred retirement option plan) earnings if a member terminates mid‑year. Counsel Pedro answered that the board’s interpretation — reflected in the plan restatement language — credits DROP earnings through the most recent quarter prior to a member’s termination.
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