Time Extension For Higher Pension In Broward
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FAQ
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.
What are some disadvantages of DROP? One disadvantage of participating in a DROP plan is that the monthly pension an employee receives will be substantially lower than the amount the employee would receive had the employee retired under a normal retirement calculation performed at the end of the DROP period.
To extend your DROP participation, you must obtain authorization from the appropriate authority at your employer and the division must receive your completed Form DP-EXT Page 5 prior to the end of your initial period of DROP participation.
For employers, DROP plans can be a way to retain experienced employees who might otherwise retire. If you join the DROP before you reach full retirement age, you may face reduced pension payments because you're locking in a lower benefit.
After July 1, 2023, the interest rate is now 4 percent for all contributions on or after that date. Benefits on deposit for less than one month or after the month in which you end your DROP participation do not earn interest.
Extend the maximum time a member can participate in DROP from 5 years to 8 years, regardless of class membership and occupation, and from 8 years to 10 years for certain K-12 instructional personnel. Increase the DROP interest rate from 1.3 percent to 4 percent on DROP accumulations held on or after July 1, 2023.
You will be eligible for a Pension Plan benefit (i.e. be vested) when you complete six years of service (if you were enrolled in the FRS prior to July 1, 2011) or eight years of service (if you were enrolled in the FRS on or after July 1, 2011).
