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Election to Enroll in DROP indd - op-f

Election to Enroll in DROP indd - op-f 2026

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The document is an application form for the Deferred Retirement Option Plan (DROP) provided by the Ohio Police & Fire Pension Fund (OP&F). It outlines the process for members to enroll in DROP, including eligibility requirements, payment plan selections, and necessary signatures. Members must complete and notarize the form to apply, and it includes sections for personal information, beneficiary designations, member and spousal consent, and notary requirements. The document emphasizes that submitting the form does not guarantee participation in DROP.

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Click ‘Get Form’ to open it in the editor.
Begin with Section A, where you will enter your personal information. Ensure that all fields are filled out accurately, including your name, Social Security number, and contact details.
In Section B, select your payment plan preference by checking the appropriate box. If you choose not to select a plan, skip Sections C, F, and G.
If selecting a payment plan, complete Section C by providing details for up to four beneficiaries. Make sure to include their names and the percentage of your reduced monthly allowance they will receive.
Proceed to Section D for your signature and acknowledgment. Review the terms carefully before signing.
Section E requires notarization of your signature. Ensure a notary public completes this section.
If applicable, complete Sections F and G for spousal consent if you selected a payment plan that provides less than 50% of your allowance to your spouse.

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What is the interest rate for the drop in OPF?

The interest rate for the period of January 01, 2024 - March 31, 2024 is 3.88%. Recent DROP Interest Rates2024 1st Quarter3.88%2023 4th Quarter4.59%2023 3rd Quarter3.81%2023 2nd Quarter3.48%1 more row

How does a drop program work?

Under a DROP, if you continue to work past retirement age, your employer wont continue adding to your benefits calculation. Instead, they will take a sum of money and place it into an interest-bearing account. The size of your lump sum and your accounts structure will differ based on the specific plan.

How does Ohio drop program work?

DROP includes accruals of your pension benefits you would have received had you retired on your DROP effective date, annual costofliving allowances, employee contributions and interest. Each month, OPF credits to DROP the pension amount you would have received if you had actually retired on your DROP effective date.

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What is drop eligible?

Who is eligible to participate in DROP? To participate in DROP, you must be vested and eligible for normal retirement (based on your years of service or age) as an active member of one of the following: The FRS Pension Plan; or The Teachers Retirement System (TRS).

What is the retirement age for Ohio Police and Fire?

Most OPF members receive pensions under a normal service retirement. For members hired into an OPF-covered position after July 1, 2013, normal service retirement is age 52 with at least 25 years of service. Members hired on or before July 1, 2013, the normal service retirement eligibility age is 48.

What are the cons of a drop program?

Deferred Retirement Option Plans The cost impact of a DROP is difficult to assess. DROPs may conflict with goals of pension design. Employee choice frequently increases employer cost. Specific DROP characteristics and features often add additional cost. Partial lump sum option plans (PLOPs) considerations.

Election to Enroll in DROP indd - op-f 2026

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