C.R.S. Section 31-31.5-409
Deferred retirement option plan (DROP)

The board may establish by rule a deferred retirement option plan for vested members who have attained age fifty. The purpose of the DROP is to allow an eligible member to elect, in lieu of immediate termination of employment and receipt of a lifetime retirement benefit, to continue employment for a specified period of time of up to five years and to have the member’s otherwise deductible employee contribution and retirement benefits paid into the member’s individual account created by section 31-31.5-503 until the end of the specified period of the member’s participation, at which time employment ceases.

Source: Section 31-31.5-409 — Deferred retirement option plan (DROP), https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-31.­pdf (accessed May 26, 2025).

31–31.5–101
Establishment of the statewide retirement plan - definitions 31–31.5–102
Administration of the plan - rules 31–31.5–201
Membership 31–31.5–202
Reentering and affiliating employers 31–31.5–203
Department chief - exemption by written agreement - definition 31–31.5–204
Reemployment 31–31.5–301
Defined benefit component minimum contributions 31–31.5–302
Social security component minimum contributions 31–31.5–303
Hybrid component minimum contributions 31–31.5–304
Money purchase component contributions 31–31.5–305
Continuing rates of contribution for reentry and affiliating departments 31–31.5–306
Picked-up contributions 31–31.5–307
Increased local mandatory contribution requirements 31–31.5–308
Increased local voluntary contribution requirements 31–31.5–309
Remittance of contributions to the association 31–31.5–310
Service credit purchases 31–31.5–401
Vesting and benefit eligibility 31–31.5–402
Plan funding - actuarial valuation and adjustments to maintain the actuarial soundness of the plan 31–31.5–403
Defined benefit component benefits 31–31.5–404
Social security component benefits 31–31.5–405
Hybrid component benefits 31–31.5–406
Optional survivor benefits 31–31.5–407
Minimum benefit 31–31.5–408
Late retirement 31–31.5–409
Deferred retirement option plan (DROP) 31–31.5–410
Cost of living adjustments - definitions 31–31.5–411
Refunds of member contributions 31–31.5–501
Vesting 31–31.5–502
Normal retirement age 31–31.5–503
Individual accounts - investment and account administration 31–31.5–504
Distribution of money purchase component accounts 31–31.5–601
Modification of plan by the board

Current through Fall 2025

§ 31-31.5-409. Deferred retirement option plan (DROP)'s source at colorado​.gov