Media reports have brought attention to the strain the
Dallas Police and Fire Pension Fund (DPFPF) is under, specifically it’s Deferred Retirement Option Plan (DROP). Ohio Police & Fire Pension Fund (OP&F) members may wonder if their DROP could face similar troubles. The answer is no.
To read why click
To read why click here.
As of April 2, 2012, the rate will be equal to the 10-year U.S. Treasury Note Business Day Series, as published by the United States Federal Reserve, with a cap of 5.0 percent. In February 2012, the OP&F Board of Trustees unanimously voted to change the interest rate associated with DROP and re-employed retiree accounts. This change was made in an effort to help OP&F reach a mandated 30-year funding level required by the State of Ohio for public pension funds and also to help keep DROP cost-neutral. In October 2019, a minimum rate of 2.5 percent was approved by the OP&F Board of Trustees.
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.
Based on tremendous member request, OP&F put in place a beneficial program without additional cost to members, their employers or OP&F. Senate Bill 134 was signed into law in 2002, which enabled OP&F to begin offering DROP in 2003.
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 entering DROP.
|Recent DROP Interest Rates|
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.
Complete a new Direct Deposit Application to change where your DROP distributions are deposited