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Public safety deferred retirement option plan. Permits a member of the 1925 police pension fund, the 1937 firefighters' pension fund, the 1953 police pension fund (Indianapolis), or the 1977 police officers' and firefighters' pension and disability fund who retires because of a disability more than 12 months after the date the member enters the deferred retirement option plan (DROP) to choose whether to receive a retirement benefit calculated as if the member: (1) had never entered the DROP; or (2) exited the DROP on the date the member retires because of the disability. Allows a member who became disabled while in the DROP and was required to retire as if the member had never entered the DROP to make an election to have the member's benefit actuarially adjusted and recalculated as if the member had exited the DROP on the date the member retired because of the disability.
