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I’m an active member of the 1977 Fund who entered the Deferred Retirement Option Plan (DROP) last year. Can I elect a partial lump sum distribution?
Effective July 1, 2011, you can elect a partial lump sum distribution if:
you are an active member of the 1977 Fund who enters the DROP before July 1, 2011,
you are in the DROP and do not exit before July 1, 2011,
you enter the DROP, but work past your DROP exit date and do not retire,
you are in the DROP, but you must exit the DROP on the day you elect the partial lump sum distribution.
Can I remain in the DROP if I choose a partial lump sum distribution? No. If you choose a partial lump sum distribution, you will exit the DROP and your retirement benefits will be calculated as if you never entered the DROP.
What is the partial lump sum distribution option that is available to 1977 Fund members? The partial lump sum distribution is equal to your monthly benefit, times your years of service, in exchange for an actuarially reduced monthly benefit.
I plan to enter the DROP on Aug. 1, 2011. Can I elect a partial lump sum distribution? No. If you enter the DROP after June 30, 2011, you may not elect to receive a partial lump sum distribution.
Who can I contact for additional information regarding the DROP and partial lump sum distribution? You can contact our office at (888) 526-1687. We are available Monday through Friday from 8 a.m. to 8 p.m. EST.
