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Ala. Code § 45-49A-63.134

Deferred Retirement Option Plan.

(Act 97-689, p. 1379, § 8(7.15).)

The board may create and administer a deferred retirement option plan (DROP Plan) on such terms and conditions as the board may prescribe; however, any DROP Plan created by the board shall be at no cost and with no liability to the city. The plan’s actuary shall certify to the city, at or before the adoption of the DROP Plan and at or before the adoption of any amendment to the DROP Plan, that its terms do not create any cost or liability to the city. Any member who elects to enter the DROP Plan shall have no recourse against the city for any claims with respect to the DROP Plan or payments under the DROP Plan.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.