The introduction of yet another odious acronym
As City Council assures that the legacy of the controversial DROP program continues -- loved by city employees, loathed by taxpayers -- we learn of a new cringeworthy acronym: PLOP.
On Wednesday, not only did Council offer preliminary approval of a bill extending DROP -- "controversial" should just be amended to the program -- it also introduced PLOP, Partial Lump Sum Option.
"PLOP would allow workers to take an additional lump sum out when they retire," reports The Inquirer's Jeff Shields and Troy Graham. "Employees could take up to three years worth of pension payments upon retirement, which would be subtracted from future pension checks."
In other words, front-loading payment of retirement benefits. What happens if the city is facing particularly hard times yet there's a run at the bank of this benefit?
So now we have a new perk to love. The acronym is reminiscent of the Alka-Seltzer jingle "Plop plop, fizz fizz, oh what a relief it is."
Except PLOP is most likely to do just the opposite for taxpayers, giving them additional agita. Which, in turn, would require the need for the antacid.