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An actuarial analysis of OP&F�s Deferred Retirement Option Plan (DROP) shows that the program is operating as designed and that the benefit option for members neither costs OP&F money nor serves as a source of revenue for the retirement system.
The actuarial study, completed by Buck Consultants, stated that �Our analysis shows that, to date, the DROP, as currently in effect has not had a negative financial impact on the Ohio Police & Fire Pension Fund.� Buck presented its findings at the April, 2008 Board of Trustees meeting.
DROP is a voluntary benefit introduced in 2002 by Ohio House Bill 134 and was implemented on January 1, 2003. The Ohio Revised Code calls for OP&F to prepare an actuarial investigation DROP examining its financial impact on OP&F at least every five years. The analysis by Buck serves as the first of these required investigations.
DROP allows members who have qualified for a normal service retirement to continue working while accumulating a lump-sum of money for retirement. The amount the member would normally receive as a monthly retirement benefit accrues, with interest, in an account while they participate in the program. To take full advantage of DROP, members must remain in the plan for at least three years and no longer than eight years. For details visit the DROP section on this site or contact OP&F Customer Service.
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