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  • Drop Distribution Request.indd - Op-f

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D wish to withdraw your Deferred Retirement Option Plan (DROP) funds. You may be eligible to withdraw if you have retired and the minimum number of years have elapsed from your DROP effective date or you are a surviving spouse of a DROP participant. If your DROP effecitve date is on or before July 1, 2013 the minimum particpation period is three years. If your DROP effecitve date is after July 1, 2013, the minimum particpation period is five years. Unless you are a surviving spouse of a DROP par.

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DROP is a benefit offered by OP&F through a defined benefit plan. Contributions made to DROP are tax–deferred, except for employee contributions that have already been taxed. In general, DROP funds, including interest, are subject to income tax upon withdrawal.

The interest rate for the period of Jan. 1, 2023 through March 31, 2023 is 2.69%.

When eligible for a normal service retirement, the pension benefit is equal to 60 percent of your average annual salary. The percentage increases each year after 25 years to a maximum pension of 72 percent of your average annual salary after 33 years of service credit.

The Deferred Retirement Option Plan (“DROP”) is a voluntary program that allows you to have your monthly pension benefit deposited in an interest-bearing account while you continue to work in your current department and receive your salary and benefits as an active employee.

Tax Information Page OP&F is required to report distributions related to Service, Disability, Annuity, Survivor, Death and Active Member Withdrawals on Form 1099-R. OP&F prepares and files a Form 1099-R for each benefit recipient or active member who has received a cash distribution of $10 or more.

Many DROPs allow you to participate only for a limited period of time. You may be required to retire at the end of your eligibility period. If you take your benefits as a lump sum, you could get pushed into a higher tax bracket.

DROP is a benefit offered by OP&F through a defined benefit plan. Contributions made to DROP are tax–deferred, except for employee contributions that have already been taxed. In general, DROP funds, including interest, are subject to income tax upon withdrawal.

The interest rate for the period of April 1, 2023 through June 30, 2023 is 3.48%.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232