Establishes a deferred retirement option plan for members of municipal police departments and fire departments/districts

This bill creates a Deferred Retirement Option Plan (DROP) for municipal police officers and firefighters, allowing them to retire while staying on the job for a set period. Under this plan, eligible members can choose to work for 12 to 36 months while their retirement benefits accumulate with interest in a special account. Once the chosen period ends, the member receives their accumulated benefits and can then begin receiving their regular monthly pension. The legislation also outlines specific rules for how benefits are paid out, including options for a lump sum or direct rollover, and states that the law will automatically expire five years after it becomes effective unless extended.