What if a member wishes to retire before or after their DROP retirement date?
If a member retires before or after their DROP retirement date, we will calculate their benefit as if they had never entered the DROP. We will use all service and the current certified salary to calculate their benefit. NOTE: SEA 30 allows an active 1977 Fund member who is eligible for an unreduced retirement benefit to elect to receive, at retirement, a partial lump sum distribution equal to their monthly benefit times their years of service in exchange for a reduced monthly benefit. This benefit went into effect on July 1, 2010. Q: Does a member continue to make contributions to their pension account after entering the DROP program? A: Yes, members will continue to make mandatory member contributions for 32 years, whether or not they are enrolled in the DROP program. Q: Can a member enroll in the DROP program even though they have 32 years of service? A: Yes. The 1977 Fund has no mandatory retirement age, so a member may enter the DROP at any time, provided they have at least 20 year
Related Questions
- I understand that early retirement is age 55 with 5 years of service, however what if I would like to retire at age 62. Can I do that or can I only retire at ages 55 or 65?
- I sold my fishing licence to the government and agreed to retire under the Groundfish Licence Retirement Program. Is this treated as retirement income?
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