(a) After a DROP participant retires and simultaneously leaves the DROP, he or she will thereafter receive a monthly service retirement allowance from the Retirement System as calculated at the time of entry into the DROP, including adjustments for base and supplemental cost of living as provided in the Charter.
(b) After a DROP participant retires and simultaneously leaves the DROP, an amount equal to the accumulated sums posted to the participant's DROP account will be distributed to him or her, subject to Retirement Board rules and Internal Revenue Service regulations.
(c) After a DROP participant has taken any distribution as set forth in Subsection 16.63-4(b), if, for any reason, a disability retirement allowance is granted, the DROP participant shall be treated as if he or she had never entered the DROP and the Retirement System shall have the right to offset the amount that has been distributed from the DROP account.
(d) Notwithstanding anything to the contrary, a DROP participant's community property obligations under applicable laws will not be affected by the DROP beneficiary designation.
(Added by Ord. 93-08, File No. 080464, App. 5/23/2008)
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