Thursday, March 7, 2013

DROP Interest Rate Approved

The rate of interest to be paid on eligible (non-Self Directed Plan) DROP accounts for the fiscal year that ended June 30, 2012 is 4.7 percent.

The Public Retirement Systems' Actuarial Committee (PRSAC) approved the interest rate at its March 7, 2013 meeting.

To be eligible for interest, a DROP participant must have completed their accumulation period (usually 36 months after starting DROP) sometime during the 2011-2012 fiscal year.

Participants in the Self Directed DROP plan do not receive this interest, but participate in earnings or losses based upon the choices they have made in their investment allocations through Great West.

Eligible LASERS members will receive DROP annual statements in April 2013.

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