OP&F News

Higher DROP interest rate approved by Board

At its October meeting, the OP&F Board of Trustees approved a change in the Deferred Retirement Option Plan (DROP) interest rate that will benefit participants in the program. Beginning Jan. 1, 2020, a 2.5 percent minimum interest rate will accrue for OP&F members participating in DROP. A maximum rate of 5.0 percent remains in place.

Interest credited to DROP balances each month will continue to be calculated at a rate equal to the 10-year U.S. Treasury Note Business Day Series, as published by the United States Federal Reserve (updated quarterly). However, once the change is implemented, DROP participants will receive a rate between 2.5 and 5.0 on their DROP accrual while it is at OP&F.

The change was made in recognition of the current low interest rate environment in the U.S. financial system. The rate has dipped as low as 1.49 percent, and was set at 1.68 percent for the fourth quarter of 2019. The minimum rate will provide more stability and predictability for the DROP accruals members have deposited at OP&F.

The Board made the change after consulting with its independent actuary and receiving assurances that it would not have a significant effect on the cost to offer DROP to eligible members. The Board will continue to annually review the neutrality of the DROP program, which continues to perform as intended, with a neutral actuarial impact on the pension system.

Since being implemented in 2003, approximately 90 percent of OP&F members who are eligible have participated in DROP.

Posted 10/29/2019

Other News

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