TALLAHASSEE, Fla. (AP) — Public employees are flocking to Florida's Deferred Retirement Option Program to beat a benefit cut.
State officials on Thursday said that they received twice as many DROP applications this June as in the same month last year.
The 8,418 applications that teachers and state and local government workers submitted in June will qualify for 6.5 percent interest on deferred benefits.
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Those who apply after a new law went into effect July 1 will get only 1.3 percent.
The DROP program is designed to encourage public employees to retire early.
It is open to workers who are at least 62 with 30 or more years of service.
After sitting out six months they can return to work for up to five years with their retirement benefits for that time earning interest.
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