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Plan administrator reports DROP sunset and forthcoming actuarial review; reinstatement possible
Summary
Plan administrator Gina Davis reported the deferred retirement option program (DROP) "sunsetted on 06/30/2026," and said an actuary will complete the biannual valuation and a DROP review this fall; reinstatement with a retroactive effective date of 07/01/2026 would require actuarial support and board and commissioners approval.
Plan administrator Gina Davis presented the plan administrator's report on July 23, including small vendor payments and an update on the deferred retirement option program (DROP). Davis reported an invoice to Boomershine Consulting Group LLC totaling $1,300 ($1,000 administrative counseling; $300 benefit calculations) and then addressed the DROP status.
"The drop... sunsetted on 06/30/2026," Davis said. She told the board the plan actuary will complete the biannual SORT valuation and a DROP review this fall to determine whether the sunset was cost-neutral. If the actuarial study supports reinstating the DROP and the SORT board agrees, Davis said she will submit a recommendation to the county commissioners to reinstate the program with a retroactive effective date of 07/01/2026. The board voted to approve the plan administrator's report by voice vote.
