DROP Calculator Spreadsheet – DROPCalculatorforWebsite-VariableTermandRate
Instructions: The spreadsheet was created in Excel 7.0 and is usable with Windows 95 or later versions of the Windows operating systems. This interactive spreadsheet can assist you in estimating the amount you can accumulate under the Deferred Retirement Option Program (DROP).
To use this spreadsheet, open it in your browser or download it to your computer. (If you have Excel and your browser permits, you may be able to use the sheet within your browser by simply left-clicking on the link above. If not, you may right-click on the link above and save the file to a folder on your PC, where you can open it within Excel (or another spreadsheet program if the file is accepted by the program).
When the worksheet opens, enter the amount of your estimated monthly retirement benefit, the number of months you expect to participate in the DROP (maximum of 60 for police officers and 96 for firefighters) and any interest rate of your choosing in the X.XX format (i.e. 6.25, 7.50, etc.). Based on the information you enter in the white boxes, the spreadsheet will automatically estimate the amount you could hypothetically accumulate in your DROP account, using the criteria you entered, and display the result.
You may save your worksheet results locally.
DISCLAIMER: The DROP accumulator will be based on the figures you enter in the three white boxes.
There is no guarantee that your actual account balance will equal the hypothetical balance calculated in this worksheet for the following reasons:
1) Your actual benefit amount will not be calculated until the board has approved your written application to participate in the DROP, your final payroll for retirement purposes has been posted and you have selected your final benefit payment option.
2) The plan sets a maximum participation period based on your job classification (police or firefighter) but you may choose to retire earlier and therefore not participate as long as you might have originally planned.
3) The actual earnings in your DROP account will be determined on a quarterly basis and will depend on whether you self-direct or accept the fund rate. ALL FUNDS PAID INTO AND EARNED BY DROP ACCOUNTS ARE SUBJECT TO MARKET AND INVESTMENT RISK. PAST INVESTMENT PERFORMANCE IS NO INDICATION OR GUARANTEE OF FUTURE INVESTMENT PERFORMANCE.