Police Drop Program | What is the DROP, and how does it work?
What is the DROP Program, and how does it work?
Today we're taking a look at the DROP program, also known as the Deferred Retirement Option Program. This can be a powerful tool used to boost your nest egg later in your career. But it's not all peaches and roses, and there are some pitfalls you want to avoid when entering the DROP.
The Deferred Retirement Option Program (DROP) is a retirement program within your agency’s Pension Plan, that allows you to retire and have your benefits accumulate in the Agency’s Trust Fund. These funds don’t just sit there, they earn interest while you continue to work for up to x amount of years depending on your agency’s benefit plan.
Here are some timestamps from the video:
How does the DROP program work?: 00:34
Why enroll in the DROP Program?: 01:12
Important things to consider about the DROP Program: 02:19
Eligibility for the DROP program: 03:26
What do employers get out of offering the DROP Program?: 05:28
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