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Thinking of participating in DROP in 2013? The implementation of Senate Bill 340 affects DROP participants, particularly those who may become eligible to participate in 2013. July 1, 2013 signals new DROP rules.
Members must submit their DROP election form so it is received at OP&F
not later than the last day of the last full pay period ending date in June
2013, provided it is not June 30, 2013. For monthly and semi-monthly pay
periods, the DROP election must be submitted before the last day in May 2013.
Members must be eligible for DROP by these dates.For the answers to
frequently asked questions on SB 340 changes, click
Beginning with the 2nd quarter of 2012, OP&F will use a variable interest
rate for DROP and re-employed retiree accounts.
The interest rate for the period of
October 1, 2013 through December 31, 2013, will be 2.64%.
The Deferred Retirement Option Plan (DROP) is an optional benefit that allows eligible
police officers and firefighters to accumulate a lump–sum of money for retirement.
The Ohio Police & Fire Pension Fund (OP&F) is proud to offer this benefit
to its membership, which has been the most requested addition to OP&F's benefit
offerings in many years.
The popularity of DROP programs has grown across the country since public sector
employers first introduced them in the 1980s. Based on tremendous member request,
OP&F has put in place a beneficial program without additional cost to members,
their employers or OP&F. Thanks to member persistence, the support of member
unions and associations and the receptive Ohio Legislature, the Governor signed
Senate Bill 134 into law in 2002, which enabled OP&F to begin offering DROP
Enrolling in DROP is a voluntary decision that members should make after careful
consideration of their own individual situation. OP&F strongly encourages all
members to seek financial, legal and tax advice from professional counselors before
Frequently asked questions about DROP
2013 DROP Interest RatesQuarterInterest Rate1st1.78 %2nd1.87 %3rd2.52%4th2.64%2012 DROP Interest RatesQuarterInterest Rate2nd2.23 %3rd1.67 %4th1.65 %
Use OP&F Online to view your DROP contributions. OP&F updates your account
information every night with the information we have on file, however, we have no
control over when your contributions may be sent from your employer. Interest on
your DROP account is calculated during the first week of each month. Click here to go to OP&F Online.
Election to Enroll
DROP Distribution Request
Notice of DROP Cancellation
Direct Deposit Application
Complete a new Direct Deposit Application to change where your DROP distributions
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