Saturday, July 4, 2015

Council Back, Introduces DROP Legislation

It's the first Council session after a three-month summer break today and the issue on everyone's mind is DROP.

Council Back, Introduces DROP Legislation

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It's the first Council session after a three-month summer break today and the issue on everyone's mind is DROP.

Councilwoman Marian Tasco just introduced legislation from Mayor Nutter that would eliminate the controversial program. When she announced her plans this morning in the Council caucus room, Tasco said jokingly: "Are you all listening? It's about DROP."

Six weeks ago Mayor Nutter released a study from Boston College researchers showing that the Deferred Retirement Option Plan is costing the city $22 million a year. He has repeatedly argued that the city simply cannot afford the program.

But on Council - six of whose members are enrolled in DROP - many members are holding off until they have more information. Council President Anna Verna has commissioned a review of the study by an outside consultant and requested an opinion from the city solicitor on whether DROP changes must be bargained with the unions.

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Introduced in 1999, DROP allows city workers to set a retirement date up to four years in advance. At that point, their pension benefit is frozen and they start accruing pension payments in an interest-bearing account. Workers receive those payments in a lump sum when they retire, in addition to their full city pension.
 

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About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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