(a) Subject to subsection (b), a member who enters the DROP established by this chapter shall exit the DROP at the earliest of:(1) the member's DROP retirement date;(2) either:(A) thirty-six (36) months after the member's DROP entry date, if the member:(i) executes an election described in section 10 of this chapter before July 1, 2024; and(ii) does not execute an extension described in section 10.5 of this chapter; or(B) sixty (60) months after the member's DROP entry date, if the member:(i) executes an election described in section 10 of this chapter after June 30, 2024; or(ii) executes an extension described in section 10.5 of this chapter;(3) the mandatory retirement age applicable to the member, if any; or(4) the date the member retires because of a disability as provided under section 16.5(d) of this chapter.(b) A member of the 1925 fund, the 1937 fund, or the 1953 fund who enters the DROP established by this chapter must exit the DROP on the date the authority of the board of trustees of the Indiana public retirement system to distribute from the pension relief fund established under IC 5-10.3-11-1 to units of local government (described in IC 5-10.3-11-3) amounts oard of trustees of the Indiana public retirement system to distribute from the pension relief fund established under IC 5-10.3-11-1 to units of local government (described in IC 5-10.3-11-3) amounts determined under IC 5-10.3-11-4.7 expires.As added by P.L.62-2002, SEC.5. Amended by P.L.51-2006, SEC.3; P.L.148-2007, SEC.5; P.L.177-2011, SEC.4; P.L.35-2012, SEC.143; P.L.145-2020, SEC.4; P.L.156-2020, SEC.147; P.L.129-2024, SEC.12; P.L.136-2024, SEC.58.
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