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Helping Heroes Retire

Helping Heroes Retire

36-Month DROP Extension

Posted on July 18, 2022 by Tad Sacheck

by Tad Sacheck

Recently, the Florida State Senate approved Senate House Bill 5007, which allows qualified Law Enforcement personnel to participate in DROP for up to an additional 36 months beyond the previous maximum limit of 60 months.  Eligible Law Enforcement personnel currently in DROP and within six months of ending their DROP participation period may apply for a 36-month extension. You can only apply for the extension once you have entered the final 6-month period prior to your scheduled DROP termination date. Please note, Law Enforcement personnel who are assigned to corrections are NOT entitled to this additional benefit.

FRS has provided a temporary employee DROP extension application form on their website which you can find HERE under the Forms section, DROP Participants.  The form is called “Optional Application for Extended DROP Participation for Law Enforcement Officers.”  Once you have completed the form you will want to send the form to BenefitsDiv-Retirement@pbso.org.

Because FRS has not yet updated its DROP pension calculator, we built out an internal calculator to run the calculations for you.  If you are interested to know what the positive financial impact of delaying up to 36 additional months would mean to you and your family, please call our office at 561-632-0566 to schedule an appointment with Gregg Brant or Tad Sacheck.

We look forward to working with you.

Tad Sacheck, AAMS ®

Family Wealth Advisor | Contributor

Tad is a financial planner who works for a wealth management firm. He got involved in Helping Heroes Retire because he saw firsthand too many first responders who, quite frankly, were taken advantage of by financial salesmen.

It’s Tad’s mission to contribute to this blog by debunking the sales pitches you might have heard and give you honest, straight up, real information, all for free.