Deferred Retirement Option Program Amendment Act of 2024

This bill establishes a Deferred Retirement Option Program in the District of Columbia that allows eligible sworn police and fire employees to continue working while collecting supplemental retirement payments. Under the new program, qualifying members who meet standard retirement requirements can elect to participate for up to three years, during which they receive monthly deposits into a separate interest-bearing account based on what their full retirement pension would have been. The funds are drawn from the existing Police and Firefighters' Retirement Fund, and participants can withdraw their account balance as a lump sum, roll it over to another plan, or purchase an annuity once they stop working. Additionally, the legislation specifies that members on certain types of medical leave must exit the program after 120 days, and it outlines the rules for how unused sick leave is handled during the participation period.