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Deferred Retirement Option Plan (DROP) Info for Retirees
Distributions The DROP account is distributed in accordance with the retiree’s election at time of retirement. Distributions from DROP accounts are included in the recipient’s taxable income for the year received and will be subject to all applicable tax withholding rules. Statement of Account Retirees with active DROP accounts will receive a yearly statement of their account balance in October. Death Should a retiree die prior to receiving payment of all amounts in the DROP account, the balance of the account shall be payable in one lump sum to the retiree’s designated beneficiary or to the retiree’s estate if there is no surviving beneficiary. General Information See DROP Policy (PDF) for additional information. |
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