11-13 - Paris Firefighters Relief & Retirement Fund - Pension Bond - Freeze Fire Pension - Transfer Employees to TMRS

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which is later than his DROP Eligibility Date as long as such date is prior to his actual retirement date and as long as such date results in an integer number of months between his DROP Eligibility Date and his actual date of retirement. b. The monthly benefit of a Firefighter who elects to receive his benefits under the DROP will be based on his years of Service as of his DROP Eligibility Date (or such later date selected by the Firefighter in accordance with Section 5.04.a. C. In addition to his monthly retirement benefit a Firefighter who makes an election under the DROP will also be entitled to receive a lump sum amount (the "DROP payment"). The DROP payment will equal the sum of i and ii, below, where: is the Firefighter's monthly retirement benefit as of his DROP Eligibility Date (or such later date selected by the Firefighter in accordance with Section 5.04a) calculated without regard to any optional form of payment as set forth in Section 5.02 or 5.03, multiplied by the number of months, including fractional parts of a month, between the Firefighter's DROP Eligibility Date and the date the Firefighter elects to receive benefits; and ii. is equal to (A) minus (B), where (A) equals the amount of the Firefighter's accumulated contributions as of the date the Firefighter elects to receive benefits, and (B) equals the amount of the Firefighter's accumulated contributions as of his DROP Eligibility Date. d. In calculating the monthly benefit for a Firefighter who elects Option One or Option Two in addition to the DROP, the Firefighter's monthly benefit shall first be calculated under the DROP. Next, the appropriate factor for Option One or Option Two shall be applied to the Firefighter's monthly benefit under the DROP, based on the Firefighter's attained age at his actual date of retirement. e. General Rules for DROP Elections: Election of a DROP is in lieu of Frozen Benefits. 2. If a Firefighter dies after electing a DROP but prior to the date his payments commence, the DROP election shall be null and void, and no DROP payment shall be made. Forms of Payment of DROP Benefits. A Firefighter who elects to receive benefits under a DROP shall receive the DROP payment in a single installment. N.