§ 19-6-1002

19-6-1002. Definitions. Unless the context requires otherwise, as used in this part, the following definitions apply: (1) 'DROP' means the deferred retirement option plan established pursuant to this part. (2) 'DROP account' means the member's accumulated monthly DROP accruals, plus interest. (3) 'DROP benefit' means the lump-sum benefit calculated and distributed as provided in this part. (4) 'DROP period' means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004. (5) 'Monthly DROP accrual' means the amount credited monthly to a participant's DROP account under 19-6-1005. (6) 'Participant' means a member of the retirement system who has elected to participate in the DROP pursuant to this part. History: En. Sec. 2, Ch. 258, L. 2015.