Council is today taking up the DROP issue – sort of.
Councilwoman Marian Tasco today introduced a resolution that promises city workers that even if the Deferred Retirement Option Plan is eliminated, there will be a window of opportunity for eligible workers to enroll. The move was approved by Council.
“What we want to say is don’t rush,” said Tasco, noting that about 1200 city workers have applied for the controversial retirement perk since Mayor Nutter called for the program’s elimination in August. She said she was concerned about the impact of mass retirements on the pension fund.
Nutter sent legislation to Council that would kill DROP after an administration-commissioned study from Boston College reported that the program has cost the city $258 million in extra retirement costs since its inception in 1999.
Council – which has six members currently enrolled in DROP -- has sought an independent review of the study and has not yet scheduled hearings. Tasco said she expected to have the information soon.
To be eligible to enroll in DROP, a city worker must have reached retirement age and have at least ten years of service.