Florida Senate Approves Extended DROP Participation for Law Enforcement

Serving Florida first responders since 1999.^†

Florida Senate Approves Extended DROP Participation for Law Enforcement

By Tad Sacheck
June 18, 2022

Recently, the Florida State Senate approved Senate House Bill 5007, allowing qualified law enforcement personnel to participate in DROP for up to an additional 36 months beyond the previous maximum limit of 60 months.

Eligibility and Application

Eligible law enforcement personnel currently in DROP and within six months of ending their DROP participation period may apply for a 36-month extension. Key points to remember:

You can only apply for the extension once you have entered the final six-month period before your scheduled DROP termination date.
Law enforcement personnel assigned to corrections are NOT entitled to this additional benefit.

Application Process

FRS has provided a temporary employee DROP extension application form on their website, which you can find under the Forms section, “DROP Participants”. The form is called “Optional Application for Extended DROP Participation for Law Enforcement Officers.”

Once you have completed the form, send it to [email protected].

WORK WITH AWP

Calculate the Financial Impact

Since FRS has not yet updated its DROP pension calculator, we have built an internal calculator to help you run the necessary calculations. If you are interested in understanding the positive financial impact of delaying up to 36 additional months, please schedule an appointment with us.

Schedule a Free Consultation

Tad Sacheck

Tad Sacheck, AAMS® is a financial planner for Atlantic Wealth Partners. His experience spans over 15 years in financial planning and advisory services to families and retirees throughout the state of Florida. Tad finds great fulfillment in developing long lasting relationships with the families and individuals we serve and helping them to pursue their personal and financial objectives. Tad lives in palm city, with his wife and their three children. Tad serves on the board for Martin County North Little League and in his spare time he enjoys playing golf, coaching his kid’s respective sports teams and spending time with family.

TOPICS

DROP Law Enforcement Officers Legislative Update

Make Money on Your Money

IRAs and Roth IRAs: Tax Pitfalls You Need To Be Aware Of

Unlocking the Power of Roth IRAs: Tax-Free Growth and Flexible Withdrawals

Our free retirement assessment checks all the boxes.

Join our free newsletter.

Stay ahead of the curve with our latest insights, market updates, legislative news, announcements about upcoming workshops and events, and free resources.

By submitting this form, you agree to receive emails from Atlantic Wealth Partners, LLC. You can unsubscribe from these emails at any time by using the link at the bottom of every email.

Resources

Services

about

INSIGHTS

CLIENTS

Connect

JUPITER OFFICE

PBC PBA OFFICE

Atlantic Wealth Partners, LLC (CRD No. 289440), is an investment advisor registered with the United States Securities and Exchange Commission. The use of the term “registered” to refer to our firm and/or our associated persons does not imply any particular level of skill or training. The information contained herein is not an offer to sell or a solicitation to engage us for investment advisory services in any jurisdiction(s) in which we are not appropriately registered, excluded, or exempt from registration. Copies of our Form ADV Part 2A Firm Brochure and our Form ADV Part 3 Client Relationship Summary are available free of charge at https://adviserinfo.sec.gov/. Our Client Relationship Summary is also available here.

All information, statements, and opinions (and/or hyperlinks to third-party websites containing the same) referenced herein have been obtained, derived, and/or provided from sources which we believe to be reliable and accurate. However, we do not warrant or guarantee the timeliness, completeness, or accuracy of any of the same and are not responsible for errors or omissions in materials on third-party websites. Past performance is not indicative of future results. Investing in securities involves the risk of loss, including the risk of loss of principal, which clients should be prepared to bear. The information contained herein is for informational purposes only and is not intended as personalized investment advice. You should consult with a financial professional regarding your financial needs and limitations before considering any investment. Advisory services and advisor-client relationship commence only upon the execution of a written investment advisory agreement.

†Serving Florida’s First Responders since 1999 as the Center for Wealth Planning from 1999-2017, and continuing our commitment henceforth as Atlantic Wealth Partners.