Section 19-6-1002 - [Void on occurrence of contingency] DefinitionsUnless the context requires otherwise, as used in this part, the following definitions apply:
(1) "DROP" means the deferred retirement option plan established pursuant to this part.(2) "DROP account" means the member's accumulated monthly DROP accruals, plus interest.(3) "DROP benefit" means the lump-sum benefit calculated and distributed as provided in this part.(4) "DROP period" means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004.(5) "Monthly DROP accrual" means the amount credited monthly to a participant's DROP account under 19-6-1005.(6) "Participant" means a member of the retirement system who has elected to participate in the DROP pursuant to this part.Added by Laws 2015, Ch. 258, Sec. 2, eff. 10/1/2015, and void on occurrence of contingency. See Laws 2015, Ch. 258, Sec. 10.