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Eyes wide open: the pros and cons of deferred retirement option plans.(retirement planning)
Over the last 20 years, Deferred Retirement Option Plans, or DROPs, have become increasingly common in the public sector. Originally conceived to retain retirement-eligible police officers and firefighters, DROPs have been offered to teachers and other public sector workers, allowing retirees in a defined benefit pension plan to receive a portion of their pension in a lump sump in exchange for additional years of service and lower pension payments over the rest of their lives. Properly designed and realistically priced by the plan actuary, DROPs can be a useful retention and succession-planning tool at a relatively low cost. But as recent high-profile cases have ...
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Source: HighBeam Research, Eyes wide open: the pros and cons of deferred retirement option...