Sec. 8.01. MEMBER REMAINING IN ACTIVE SERVICE. In lieu of either leaving active service and beginning to receive a service retirement annuity under Section 5.01 of this Act or remaining in active service and continuing to accrue additional service credit under Section 5.02 of this Act, a member who is eligible to receive a normal service retirement benefit under Section 5.01 of this Act may remain in active service, become a participant in the deferred retirement option plan ("DROP") in accordance with Sections 8.02 and 8.03 of this Act, and defer the beginning of the person's retirement annuity. Once an election to participate in the DROP has been made, the election continues in effect as long as the member remains in active service as a firefighter. When the member leaves active service, the member may apply for a service retirement annuity under Section 5.01 of this Act.
Structure Texas Statutes
Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000
Article 8. Deferred Retirement Option Plan
Section 8.01. Member Remaining in Active Service
Section 8.02. Election to Participate in Drop
Section 8.03. Credits to Member's Drop Account
Section 8.04. Amount of Credits to Member's Drop Account
Section 8.05. Distributions From Member's Drop Account
Section 8.06. Establishment of Drop Account at Retirement
Section 8.07. Payments From Drop Account at Member's Death
Section 8.08. Subsequent Disability of Drop Participant
Section 8.09. Retirement Benefit Payable to Drop Participant