Mayor Nutter, noting that City Council's own consultant says the controversial Deferred Option Retirement Plan will still have a cost to the city after legislative changes were made, just announced that he will veto that legislation. Nutter, speaking in a City Hall news conference, noted that the city's pension fund is currently only funded at 47 percent.
"I think increasingly the public has said they want the program to go away," Nutter said.
The legislation to spare DROP was passed by Council last week, 14-3, meaning that Council would have the 12 votes necessary to override a veto by Nutter. The bill would delay entry into the lump-sum retirement-perk program for nonuniform workers and would lower the interest rate for all future participants. Council said that the move would save money, although Nutter prefers to eliminate it.