For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. Employees should apply for retirement at least 90 days prior to retirement date.A Guide to Completing your. Once you terminate from. DROP, you are fully retired and subject to termination requirements and reemployment restrictions with FRS participating employers. You will be eligible for a Pension Plan benefit (i.e. You'll choose either a Pension or Investment plan. Under the FRS, both you and Hillsborough County make required contributions. Retirement is a big step, and this checklist will help prepare you to take that step with confidence. Retirement Payment Schedule.