More than 1,200 state workers and education employees are taking advantage of a new law that allows them to draw retirement while still working. The number will grow to nearly 1,800 next month.
The legislature voted in January to create DROP (Deferred Retirement Option Plan) to encourage veteran state workers and educators to stay on the job longer. The law took effect June 1 and is estimated to cost the state $26 million annually in its early stages.
Employees officially retire, but continue to work and draw a salary for three to five years. During that time, their retirement payments go into an account and earn interest. When they leave state service in three to five years, they get the money, including interest.