Section 36-8-8.5-10 - DROP election requirements A member who elects to enter the DROP shall do the following:
(1) Agree to the following: (A) The member shall execute an irrevocable election to retire on the DROP retirement date and shall remain in active service until that date.(B) While in the DROP, the member shall continue to make contributions to the applicable fund under the provisions of that fund.(C) The member shall elect a DROP retirement date not less than twelve (12) months and not more than: (i) thirty-six (36) months after the member's DROP entry date, for a member who executes an election described in clause (A) before July 1, 2024; or(ii) sixty (60) months after the member's DROP entry date, for a member who executes an election described in clause (A) after June 30, 2024.(D) The member may not remain in the DROP after the date the member reaches any mandatory retirement age that may apply to the member.(E) The member may make an election to enter the DROP only once in the member's lifetime.(2) Notify the member's employer of the DROP election within thirty (30) days of the election.Amended by P.L. 129-2024,SEC. 10, eff. 7/1/2024.Amended by P.L. 136-2024,SEC. 56, eff. 7/1/2024.As added by P.L. 62-2002, SEC.5.