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
Click here for Philly.com's politics page.
REALLY???? Wasting more money to "study" this? Because a blind man can see how much money this causes the city to hemorrhage. And clearly, the greedy pigs that occupy seats in City Council cannot.— anon- Do all pension accountants live in Boston??? And just how many studies need to show that the use of DROP by elected and appointed officials may be technically correct, but morally WRONG???— citylumberjack
- This is the definition of the appearance of a conflict of interest. Council delaying action to kill a program that will pay seven of their members more than $2 million in DROP bonuses.— slasher
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