Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas

Notification Icon This version of the form is not currently in use and is provided for reference only. Download this version of the document for the current year.

Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas

Distribution Payment Selection - Option Program (Drop) is a legal document that was released by the Employees’ Retirement Fund - City of Fort Worth, Texas - a government authority operating within Texas. The form may be used strictly within City of Fort Worth.

FAQ

Q: What is the Deferred Retirement Option Program (DROP)?
A: The Deferred Retirement Option Program (DROP) is a retirement benefit offered by the City of Fort Worth, Texas.

Q: How does the DROP program work?
A: Under the DROP program, eligible employees can choose to retire and continue working for a maximum period of five years. During this time, their retirement benefits are deposited into an account, which accrues interest.

Q: Who is eligible for the DROP program?
A: Employees who meet specific criteria, such as having a certain number of years of service and being of a certain age, may be eligible for the DROP program.

Q: Is participation in the DROP program mandatory?
A: No, participation in the DROP program is voluntary. Employees can choose whether or not to enroll in the program.

Q: What happens to the funds deposited into the DROP account?
A: The funds deposited into the DROP account accrue interest and are paid out to the employee upon their final separation from employment.

Q: Can DROP program participants change their minds and return to active employment?
A: No, once an employee enters the DROP program and retires, they cannot return to active employment with the City of Fort Worth, Texas.

Q: Are there any penalties or tax implications associated with the DROP program?
A: Consult a qualified tax advisor for detailed information about the potential penalties or tax implications of participating in the DROP program.

ADVERTISEMENT

Form Details:

  • The latest edition currently provided by the Employees’ Retirement Fund - City of Fort Worth, Texas;
  • Ready to use and print;
  • Easy to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Employees’ Retirement Fund - City of Fort Worth, Texas.

Download Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas

4.7 of 5 (20 votes)
  • Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas

    1

  • Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas, Page 2

    2

  • Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas, Page 1
  • Distribution Payment Selection - Deferred Retirement Option Program (Drop) - City of Fort Worth, Texas, Page 2
Prev 1 2 Next
ADVERTISEMENT

Related Documents