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A Deferred Retirement Option Plan (DROP) Distribution Request form is now available for eligible participants in the program who are eligible to retire and withdraw their accrued funds.
The form, available from OP&F Customer Service, and online at www.op-f.org, allows eligible participants to request a distribution of the funds accrued. There are three different methods of distribution:
If you are contemplating retirement soon, please note your DROP effective date, which is the date OP&F has on record of you entering the program. To realize the full advantages of DROP you must not terminate employment prior to three years after this effective date. If employment is terminated prior to three full years in DROP, you will forfeit all the accrued interest in your account.
Before requesting any type of disbursement, you may want to contact a personal tax or financial advisor to fully understand any tax implications to avoid an early withdrawal penalty of 10 percent if you make a withdrawal prior to age 55.
DROP is an optional benefit allowing eligible active members to delay retirement while accumulating a lump sum of money for when they retire. The minimum participation in the plan is three years, and the maximum eight years. For additional information about DROP, visit www.op-f.org, or contact OP&F Customer Service at 888�864�8363.