by James Coulter
Officers working for the Lake Wales Police Department will be able to delay their retirement benefits for eight years now that their plan’s participation period has been extended.
At their meeting on Tues. Oct. 7, Lake Wales city commissioners voted unanimously to approve an ordinance amending the provisions of the Deferred Retirement Option Plan (DROP) for law enforcement officers who continue to work for the city.
Under this amendment, eligible members will be able to participate in DROP, with the participation period extended from five to eight years.
“Upon separation from employment, the member receives the accumulated DROP benefits and begins to receive the previously determined normal retirement benefit amount,” wrote Sandra D. Davis, Human Resources Director.
“Foster & Foster, Inc., the Police Officers’ Pension Board’s Actuarial Consultants, have determined that adopting the Ordinance will have no impact on the assumptions used in determining the funding requirements of the program,” Davis further elaborated.
A similar extension was approved by the Florida Legislature in 2022, along with several other municipalities.
