DEFERRED RETIREMENT OPTION PLAN (DROP)
The last date by which eligible employees were allowed to file elections into the DROP was May 15, 2004. Click here for more information.*
The DROP, effective July 1, 2001, is a program under which an employee retires with the Retirement System, but continues to work as a regular employee for every other purpose for a specified period of time – called the DROP Period.
During an employee’s DROP Period, 80% of his/her pension benefit is deposited into an account that earns 8% interest, compounded monthly. At the end of the DROP Period, the employee begins to receive the full lifetime monthly pension benefit that was calculated at the beginning of the DROP Period. In addition, the employee receives the proceeds that have accumulated in his/her DROP Account.
To be eligible for the DROP, an employee must be age 65 or must satisfy the Rule of 85 without using accumulated sick leave.
The maximum DROP Period is four years.
| Your actual benefits and eligibility for benefits are described in detail in statutes of the State of Missouri and in the Retirement System’s Rules and Regulations. In any circumstance where there appears to be a discrepancy between this brochure and actual statutes or the Retirement System’s Rules and Regulations, the law and the Retirement System’s Rules and Regulations will govern. |
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Public School Retirement System
of the City of St. Louis
One US Bank Plaza, Suite 2510
St. Louis, MO 63101-1657
Voice: (314) 241-7763
Fax: (314) 241-1806