La. Admin. Code tit. 58 § V-1503
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-1503 - EligibilityA. In order to satisfy eligibility to participate in the DROP, the member shall satisfy the following conditions. 1. The member shall have accrued not less than 20 years of creditable service, including not less than 15 years of creditable service accrued in this fund, plus any reciprocal credit reciprocally recognized by the board under R.S. 11:142.2. The member shall satisfy all eligibility requirements for a service retirement benefit.3. The member shall file with the board and the board shall approve the member's service retirement benefit application.4. The member shall file and the board shall approve the member's DROP enrollment application.5. By submitting a DROP enrollment application, the member shall automatically elect to participate in the DROP for the full five-year period. Nonetheless, the member may exit the DROP at any time by filing with the board an application to withdraw from the DROP, effective upon the board's approval.B. A member may participate in the DROP only once, except as otherwise provided in §1505 TC. The member's application to enter the DROP shall request retirement on the first day of a calendar month and shall specify a requested effective date no earlier than the first day of the second calendar month following the calendar month in which the DROP enrollment application is submitted. The service retirement application and the DROP enrollment application shall not be submitted to the board for consideration and approval until such time as all required and requested data, documentation, and information have been submitted to the board in order to complete both the service retirement and the DROP enrollment applications. Such participation shall be limited to a maximum period of five years, i.e., 60 calendar months, as to each individual.La. Admin. Code tit. 58, § V-1503
Promulgated by the Board of Trustees of the Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity, LR 22:703 (August 1996), amended LR 26:290 (February 2000).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363, and 3385.1.