Bill > B26-0100

This bill establishes a Deferred Retirement Option Program (DROP) for eligible Metropolitan Police Department (MPD) and Fire and Emergency Medical Services (FEMS) members who meet retirement qualifications. Under this program, retirement-eligible sworn employees covered by specific collective bargaining units can continue working for up to 3 years while simultaneously receiving monthly retirement benefits in a separate, interest-bearing account. Participants must provide 60 days' written notice to their department head before entering the program and will permanently cease employment after DROP participation. The District of Columbia Retirement Board will administer the program, creating individual DROP accounts and setting interest rates. Upon leaving the program, members can receive their account balance through a lump sum, rollover to another retirement plan, purchase an annuity, or use another distribution method. The bill also provides provisions for scenarios involving medical leave, involuntary termination, disability, and death, ensuring that participants and their survivors receive appropriate benefits. Additionally, the Office of the Chief Financial Officer is required to submit a report analyzing the program's fiscal impact, participation rates, and effect on member retention every five years.

https://lims.dccouncil.gov/Legislation/B26-0100