Indiana Code 36-8-8.5-10. DROP election requirements

Sec. 10. A member who elects to enter the DROP shall do the following:

(1) Agree to the following:

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applicable fund: means the following:
Indiana Code 36-8-8.5-3
DROP: means the deferred retirement option plan established by this chapter. See Indiana Code 36-8-8.5-4
DROP election: means a member's election to enter the DROP. See Indiana Code 36-8-8.5-5
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

(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.

(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.

As added by P.L.62-2002, SEC.5. Amended by P.L.129-2024, SEC.10; P.L.136-2024, SEC.56.