§ 16.63. DURATION OF DEFERRED RETIREMENT OPTION PROGRAM.

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(a) Under Charter Sections A8.900-A8.910, a Deferred Retirement Option Program ("DROP") shall be offered to certain members of the San Francisco Police Department on a voluntary basis.
(b) The DROP shall be offered for an initial period of three years beginning July 1, 2008 and ending June 30, 2011. Before April 15, 2011, the Controller and the Retirement System's consulting actuary shall prepare and submit to the Board of Supervisors a joint report on whether the DROP meets the intent and cost-neutrality requirements of the Charter. Based on the criteria provided in Charter sections A8.900 and A8.909, the Board of Supervisors may vote to extend the DROP up to an additional three years.
(c) In the final year for each period the DROP is extended, the Controller and the Retirement System's consulting actuary shall prepare and submit the joint report required by the Charter and Subsection 16.63(b) no later than April 15 annually.
(d) A DROP participant enrolled in the program before it terminates shall be permitted to complete his or her DROP agreement.
(Added by Ord. 93-08, File No. 080464, App. 5/23/2008)

                    
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