Deferred Retirement Option Program Election Form - City of Fort Worth, Texas

Deferred Retirement Option Program Election Form is a legal document that was released by the Employees’ Retirement Fund - City of Fort Worth, Texas - a government authority operating within Texas. The form may be used strictly within City of Fort Worth.

FAQ

Q: What is the Deferred Retirement Option Program (DROP)?A: The Deferred Retirement Option Program (DROP) is a retirement program in which eligible employees can accumulate a portion of their retirement benefits in a separate account while continuing to work.

Q: Who is eligible for the DROP program in the City of Fort Worth, Texas?A: Most general employees, police officers, and firefighters who are eligible for retirement benefits are eligible for the DROP program.

Q: How does the DROP program work?A: Participants in the DROP program continue to work while their retirement benefits are deposited into a separate account. They can accumulate these benefits for a maximum of five years.

Q: What are the benefits of participating in the DROP program?A: The benefits of participating in the DROP program include the ability to accumulate additional retirement benefits, potential tax advantages, and the flexibility to retire at a later date.

Q: Can I change my mind after electing to participate in the DROP program?A: No, once you have elected to participate in the DROP program, your decision is irrevocable.

Q: Are there any penalties for early withdrawal from the DROP program?A: Yes, there are penalties for early withdrawal from the DROP program, including the forfeiture of any accumulated retirement benefits.