Definitions. As used in this section, the following terms shall have
the meanings indicated:
BENEFICIARY OR BENEFICIARIES
The individual or individuals identified by a DROP participant
to receive the balance of such DROP participant's DROP account
in the event of the death of the DROP participant during the DROP
participation period.
DROP
Deferred Retirement Option Plan.
DROP ACCOUNTS
Separate accounts created for the exclusive purpose of accepting
monthly pension checks of DROP participants while they are participating
in the DROP program.
DROP NOTICE
The form prescribed by the Township and Police Bargaining
Unit upon which a member or officer informs the Township of his or
her irrevocable intent to participate in the DROP program pursuant
to the terms of this Agreement. Once submitted to the Township and
approved by the Township, the DROP notice is irrevocable, except as
otherwise provided herein.
DROP PARTICIPANT or PARTICIPANT
A member or officer who has properly submitted a DROP notice
to participate in the DROP or look-back DROP option (described below),
which has been approved by the Township's Board of Commissioners,
and who has commenced his or her DROP participation period.
DROP PARTICIPATION PERIOD
The period from the time of the commencement of the officer's
(i.e., participant's) participation in the DROP as stated in
the officer's DROP notice which has been approved by the employer
(i.e., the commencement date) until the officer's separation
from employment as a police officer of employer (i.e., the resignation
date), which in no event shall be less than 12 months and shall not
exceed 36 months. The parties further agree that pursuant to their
negotiations, any officer or member who was employed by the Township
on January 1, 2007, and who is or becomes eligible for a normal retirement
during the express term of the collective bargaining agreement in
effect from January 1, 2007, to December 31, 2010, and who also notifies
the Township of his or her intention to retire before the expiration
of that collective bargaining agreement on December 31, 2010, either
by its terms or by application of law until a successor agreement
or arbitration award is issued (i.e., before the effective date of
the successor arbitration award/collective bargaining agreement),
whichever is longer, shall have the option of electing to retire and
resign from employment immediately and designate a retroactive DROP
commencement date (the "look-back commencement date") from 12 months
to 36 months prior to his/her actual retirement date and to receive
a benefit from the Pension Plan, without any gain or loss thereto,
as if such officer or member had been a DROP participant for a deemed
DROP participation period beginning on the designated look-back commencement
date and ending on his or her actual resignation date, as more fully
described herein. This option shall be known as the look-back Drop
option. In no case shall the commencement of the look-back DROP option
participation period be prior to January 1, 2007. Any individual selecting
this look-back DROP option must resign from employment within 30 days
of submitting to the Township his or her notice of selecting look-back
Drop option. Eligibility to elect this option shall terminate 60 days
after the expiration of the 2007-2010 collective bargaining agreement,
as described above in this definition. The parties acknowledge that
the look-back DROP option shall not renew in any subsequent collective
bargaining agreement after expiration the 2007-2010 collective bargaining
agreement (as defined above) unless it is specifically and expressly
agreed upon by the Township and the Police Bargaining Unit and expressly
so stated in the subsequent agreement.
DROP PERIOD
The period of time during which an officer can participate
in a DROP, which in no event shall be less than 12 months or exceed
more than 36 months.
DROP PROGRAM
The program implemented by the Township and Police Bargaining
Unit pursuant to which members of the Township's Police Department
may establish DROP accounts while continuing to provide police service
for the Township as described herein. The DROP program is an integral
component of the Plan.
FORMER DROP PARTICIPANT
A DROP participant who is currently receiving his or her
pension following his or her resignation date.
MEMBER OR OFFICER
A duly sworn police officer employed by the Township who
works, or worked, in the Police Bargaining Unit.
PLAN ADMINISTRATOR
The individual(s) charged with supervising the administration
of the Plan.
POLICE BARGAINING UNIT
The bargaining unit of employees represented by the Springfield
Township Police Bargaining Unit, consisting of all eligible full-time
police officers of the Springfield Township Police Department.
RESIGNATION DATE
The date specified in the participant's irrevocable
DROP notice approved by the Township on which the member or participant
shall resign from employment with the Springfield Township Police
Department, which shall be no less than 12 months and no more than
36 months from the commencement of the officer's DROP participation
period (or look-back DROP participation period as defined herein).
Any individual selecting this look-back DROP option must have a resignation
date and resign from employment with the Township within 30 days of
submitting to the Township his or her DROP notice, identifying his
or her selection look-back DROP option.
TOWNSHIP
The Township of Springfield, County of Montgomery, Commonwealth
of Pennsylvania, including its elected and appointed officials. The
Township is also referred to as "employer."