(a) Any member who elects to participate in the forward DROP provisions of the program shall make the election on a form prescribed and retained by the board. On that form the member shall do all of the following:
(1) Designate a program period that will not exceed 60 months of elapsed time, agree to terminate covered employment under the system no later than the end of that designated period, and acknowledge that participation in the program is not a guarantee of continued employment for any period.
(2) Waive any claims with respect to age and other discrimination in employment laws relative to the program as are required by the employer or the system.
(3) Waive the right to disability retirement benefits based on a condition relating to an illness or injury that occurred prior to the program period. This waiver does not apply to any rights the member may have under Section 31720.5, 31720.6, or 31720.7, which rights shall remain in effect until the member receives a distribution of some or all of the balance in his or her program account.
(b) If the member is married, the member’s spouse shall execute a statement, on a form prescribed by the board, acknowledging the spouse’s understanding of, and agreement with, the member’s election to participate in the program, together with an express statement of the spouse’s understanding and agreement that benefits payable to the spouse upon the death of the member will be reduced as a result of that participation.
(Added by Stats. 2003, Ch. 897, Sec. 1. Effective January 1, 2004.)