HB1261: Deferred retirement option plan.

Legislative Summary

Deferred retirement option plan. Allows a member of the 1925 police pension fund, 1937 firefighters' pension fund, 1953 police pension fund (Indianapolis), or 1977 police officers' and firefighters' pension and disability fund to withdraw from the deferred retirement option plan (DROP) and make an election to enter the DROP for a second time not earlier than three years after the date the member withdrew from the DROP. Provides that a member may make an election to enter the DROP only twice in the member's lifetime.