§ 114-146. DROP retirement.

Latest version.

Upon the effective date of a member's DROP election:
A.

He shall cease to be an active member of the system.

B.

The amount of his retirement allowance shall be determined, based upon such member's pensionable compensation and creditable service as of his retirement date, but excluding any service reciprocally recognized under R.S. 11:142.

C.

During such member's DROP period, his DROP account shall be credited with the amount of his monthly retirement allowance determined in accordance with subsection B hereof and interest at the rate determined in accordance with section 114-147 hereof.

D.

At the end of such member's DROP period, the balance then credited to his DROP account shall be distributed in accordance with section 114-148 hereof.

(M.C.S., Ord. No. 26460, § 2, 6-18-15)

                    
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