Sec. 10.5. (a) Notwithstanding section 10 of this chapter, a member that entered the DROP before July 1, 2024, and that has not exited the DROP may elect to extend the member’s DROP retirement date up to sixty (60) months after the member’s DROP entry date.

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Terms Used In Indiana Code 36-8-8.5-10.5

  • DROP: means the deferred retirement option plan established by this chapter. See Indiana Code 36-8-8.5-4
  • DROP entry date: means the date that a member's DROP election becomes effective. See Indiana Code 36-8-8.5-6
  • DROP retirement date: means the future retirement date selected by a member at the time the member makes a DROP election. See Indiana Code 36-8-8.5-8
     (b) A member that makes the election described in subsection (a) shall notify the member’s employer within thirty (30) days of the election.

As added by P.L.129-2024, SEC.11 and P.L.136-2024, SEC.57.

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