City Council today finally released their long-awaited report on the controversial DROP program.
As expected, Council's consultant, Bolton Partners Inc., found that the city's controversial Deferred Retirement Option Plan cost $100 million - substantially less than the $258 million price tag put on the plan last August by Boston College researchers hired by Mayor Nutter.
According to a press release from Council President Anna Verna, the Boston College academics concede that upon reviewing the some of the questions raised by Bolton, that the cost would go down to about $150 milllion. But they said they would need to do further analysis to make any more adjustments.
In the release, Verna said Council is reviewing ways to modify DROP rather than abolish it, like lowering the interest rate on DROP accounts or raising the age at which employees could enter. Hearings are not expected until April.