§ 22-204. Deferred Retirement Option Program.

(a)

Eligibility. Any public safety member, upon reaching unreduced retirement eligibility or anytime thereafter, may elect to participate in the Deferred Retirement Option Program ("DROP"). An eligible public safety member may participate in the DROP only once. Such eligible public safety members must submit a complete retirement application to the Board of their election to participate in the DROP not less than 60 days prior to participation in the program. The implementation date for the DROP will commence as of January 1, 2004.

(b)

Effects of participation.

(1)

Upon the election to participate in the DROP, the participating member will be considered a retired member for all purposes related to the system. However, while participating in DROP, the member's unreduced monthly retirement allowance shall be paid to a DROP account in lieu of being paid to the member.

(2)

The duration of participation in the DROP shall be elected by the member, but shall not exceed six years. During the member's participation in the DROP, a fee up to three percent of that member's creditable compensation may be charged annually to the individual DROP account to cover the cost of the program. The actual amount of the annual fee will be set by the Board, to be effective July 1 of each fiscal year.

(3)

At the end of the DROP period, the member shall terminate employment with the City, the account balance shall be paid to the member and the member shall be classified as a retiree. In the event the member terminates employment prior to the end of the DROP period, the account balance shall be paid to the member and the member shall be classified as a retiree.

(4)

Any current participant in the deferred retirement option program whose exit date is on or after July 1, 2015, shall be eligible to elect to extend such participant's participation period for the DROP to a maximum of six years, provided that such participant makes the election to extend the participation period to a maximum of six years by completing and submitting to the Richmond Retirement System a form prescribed by the Richmond Retirement System either prior to the exit date set forth on such participant's Deferred Retirement Option Program Retirement Application or within 60 days after the effective date of the ordinance from which this section is derived, whichever occurs first, after which date such participant shall no longer be eligible for the extended participation period for which Ordinance No. 2015-127-136 (see Subsection (b) of this section) provides.

(c)

Unused sick leave credit. At the time of the election to participate in the DROP, the participating member may elect to retain any or all of his unused sick leave. Fifty percent of unused sick leave not retained shall be converted to creditable service at the beginning of the DROP period in accordance with Section 22-174. Unused sick leave remaining at the end of the DROP period will not be eligible for conversion.

(d)

Rules and regulations. The Board of Trustees, on behalf of the City Council, is authorized to adopt rules and regulations governing the DROP plan. Any documents executed by the Board of Trustees shall be approved, in form, by the City Attorney prior to execution. Other provisions and administrative guidelines for the DROP shall be contained in the DROP document as adopted by the Board.

(Code 2004, § 78-208; Ord. No. 2003-173-180, § 1(23.1-44.2), 5-27-2003; Ord. No. 2003-254-226, § 1, 7-28-2003; Ord. No. 2005-90-98, § 1, 5-31-2005; Ord. No. 2015-127-136, § 1, 6-8-2015; Ord. No. 2015-139-145, § 1, 6-22-2015)

(Code 2004, § 78-208; Ord. No. 2003-173-180, § 1(23.1-44.2), 5-27-2003; Ord. No. 2003-254-226, § 1, 7-28-2003; Ord. No. 2005-90-98, § 1, 5-31-2005; Ord. No. 2015-127-136, § 1, 6-8-2015; Ord. No. 2015-139-145, § 1, 6-22-2015)