Ohio Police & Fire Pension Fund, Columbus, got the go-ahead to create a deferred retirement option plan when Gov. Bob Taft on Tuesday signed Senate Bill 134. The plan will allow active members to continue working after retirement age, which is 48, but have their pension payments deposited into an interest-bearing account from which they could draw funds upon retirement, said Amy Hoiland, communications manager for the $8.4 billion system.
Participants who elect the option, which will go into effect early next year, must remain in the plan for at least three years but no more than eight.
The fund will not search for additional managers or providers for the DROP, which will be managed internally, Ms. Hoiland said.