When can I retire from Ohio Police and Fire?
For persons whose OP&F membership began after July 1, 2013, normal service retirement is age 52 with at least 25 years of service. When eligible for a normal service retirement, the pension benefit is equal to 60 percent of your average annual salary.
How does the drop retirement program work?
A DROP is an option provided to active participants of certain retirement plans. It allows members who elect DROP the option to continue to work beyond their Normal Retirement Date and convert part of their retirement benefit into a lump sum.
Is Ohio police and fire pension taxable?
OHIO POLICE & FIRE PENSION FUND
Is required by the Internal Revenue Service (IRS) to file a Form 1099-R for each person who received a distribution of $10 or more. Reports all distributions to the IRS as reportable income, regardless of the taxable or non-taxable nature of the benefit.
What is the drop program in Ohio?
The Deferred Retirement Option Plan (DROP) is an optional benefit that allows eligible police officers and firefighters to accumulate a lump sum of money for retirement. Enrolling in DROP is a voluntary decision that members should make after careful consideration of their own individual situation.