I drain the pump, then actually remove it from the outside plumbing it is connected to (I do put PVC caps to the pipes to keep the critters out over the winter). For draining - there are usually some bolts / screws you can undo to get the water out.
I do this because I actually cover and close my pool over the winter . If you live somewhere warm enough to keep the pump running all year - then by all means keep it open and pumping.
16x32 IG 19,000 gallons, Pentair 1.5 hp Energy Efficient Superflo pump (348024),vinyl liner, Nature2 Express , Chlorine dispenser, Hayward S-244T sand filter
Usually I keep it running over the winter. My previous pump had a rusted shaft also but not enough to kill it.