FL S1500

Extends maximum DROP (Deferred Retirement Option Program) participation from 60 months to up to 96 months for K-12 instructional and administrative personnel who are authorized by their district school superintendent.

For instructional and administrative personnel entering DROP before July 1, 2017, allows them to continue participation until the last day of the school year in which their termination date occurs, regardless of the standard participation limits.

For instructional and administrative personnel entering DROP on or after July 1, 2017, automatically aligns their termination date to the last day of the school year in which their termination would otherwise occur.

Requires employers to notify the Division of Retirement of any changes to termination dates and DROP participation periods for affected members.

Takes effect July 1, 2017.