Form 14035 - Pilot Questionnaire For Governmental Plans Initiative Page 11
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24Pilot Questionnaire for Governmental Plans Initiative
21. Some governmental entities use a Deferred Retirement Option Plan (DROP) as a means to encourage
older employees to continue working instead of receiving a retirement benefit when first eligible under the
terms of the Plan. DROP features are permitted in plans if they meet the applicable requirements under
the federal pension law. While there is no typical DROP plan, under some arrangements, an employee
who chooses to continue working after he or she is eligible to retire has a special account (real or
hypothetical) set up which is credited with either additional accruals or allocations during the period of
continued employment (which is generally limited to a specific period of time). The additional accruals or
allocations (plus earnings) are paid to the participant when he/she retires. This payment is in addition to
any other retirement benefits to which the participant is entitled.
Plans may also offer enhanced “window” benefits to encourage employees to retire. A ”window” program
generally is a permitted program where participants are offered an enhanced benefit under the plan if the
participant retires during a limited period of time (i.e., the “window period”) set by the plan.
We are interested in the extent to which DROP or window features are used by governmental entities to
manage their workforce.
a. Do the terms of the Plan provide for a DROP?
Yes
No
b. If you responded “Yes,” check which of the following elements are included (check all that apply):
Employer Contributions go into a DROP account
Employee Contributions go into a DROP account
Pension Benefit goes into a DROP account
Fixed guaranteed rate of return on the DROP account
Rate of return on account is based on assumed or real plan investment return
Rate of return on account is based on member directed investments
Rate of return is based on other factors
Other
(please specify below):
22. In the last five (5) years, have amendments been adopted to provide any special “window” programs (in
addition to the Plan’s regular early retirement provisions) that encourage early retirement?
Yes
No
If you responded “Yes,” describe how the most recent program operates:
14035
Form
(Rev. 02-2009)
Catalog Number 52098A
Page 11
Department of the Treasury - Internal Revenue Service
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