Thursday, March 5, 2015

City Council hires actuary to study DROP report

City Council hires actuary to study DROP report

City Council hires actuary to study DROP report

Philadelphia City Council has hired Bolton Partners, an actuarial firm based in Boston, to evaluate a study from Boston College that earlier this month said the city's DROP pension program had cost $258 million over the last 10 years.

Council President sent a letter to members informing them of the decision on Aug. 17. Mayor Nutter cited the Boston College report when he asked Council to kill the DROP, which stands for Deferred Retirement Option Program. DROP lets employees leave city employment with a large lump-sum pension payment.

Miriam Hill

 

 

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The Philadelphia Inquirer's Chris Hepp, Tricia Nadolny, Julia Terruso, and Claudia Vargas take you inside Philadelphia's City Hall.

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