19-9-1208. Distribution of DROP benefit. (1) Upon termination of covered employment, a participant is entitled to:
     (a) receive a lump-sum distribution of the participant's DROP benefit;
     (b) roll the participant's DROP benefit into another eligible retirement plan in a manner prescribed and authorized by the board; or
     (c) any other distribution or method of payment of the DROP benefit approved by the board.
     (2) A distribution pursuant to this section is subject to the provisions of 19-2-907 and 19-2-909 and all other applicable provisions of Title 19 and the Internal Revenue Code.
     (3) The amount of a distribution, rollover, transfer, or other payment of a DROP benefit pursuant to this section must include interest reflecting the retirement system's annual investment earnings from the date the member's DROP period commenced.

     History: En. Sec. 8, Ch. 514, L. 2001; amd. Sec. 104, Ch. 429, L. 2003.