Can you enter the DROP and later change your mind or must a DROP participant actually retire at the end of the DROP period?

The decision about when to retire and whether or not to enter DROP is entirely your decision. Once made, the election to participate in the DROP carries with it a simultaneous election to retire that is irrevocable upon approval by the Board of Trustees. In essence, the DROP participant has contractually agreed to retire from the plan as a condition of entering the DROP program. Once acted upon by the Board of Trustees, the election to retire from the plan becomes irrevocable.