The member s monthly pension is calculated based upon the years of credited service and average monthly compensation at the beginning of the DROP period. If you fail to terminate employment with your employer at the end of the DROP period, you are not entitled to receive any interest accumulated on the DROP account. All that you would receive is the monthly amount that was credited to your account. The member will then begin receiving his monthly pension amount directly from the System in the same amount as was being credited to the DROP participation account. Your employment status with your employer does not change.
DROP is strictly voluntary on the part of the employee.
The employee can also select the length of DROP participation, from one to sixty months. I am not currently paying into Social Security. If your employer has previously exempted police officers or firefighters from social security, you are still exempted as a police officer or firefighter since you are still a member of a qualified retirement plan. The DROP amount will be calculated at the beginning of the DROP period. Since this amount will not change during the DROP period, a simple spreadsheet can tell you exactly how much money you will have accrued at any time during the DROP period.