Wednesday, August 20, 2014
Inquirer Daily News

Over 100 City Workers Applied for DROP yesterday

Wow. A total of 106 city workers applied for DROP yesterday, one day after Mayor Nutter called for the retirement plan to be abolished.

Over 100 City Workers Applied for DROP yesterday

Wow. A total of 106 city workers applied for DROP yesterday, one day after Mayor Nutter called for the retirement plan to be abolished.

And as of 3 p.m. today 84 workers had applied. Of course, applying doesn't mean you have to permanantly enter the program. There's an approval process workers must go through.

For context: a total of 945 workers enrolled in DROP in 2009 and 521 enrolled in 2008. So these kind of application numbers are well above average.

Mayor Nutter this week called on Council to abolish DROP - the Deferred Retirement Option Plan - after a study from researchers at Boston College said that the program had cost the city $258 million since its inception in 1999.

Under DROP, city workers 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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Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
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