Council committee approves DROP changes
Wednesday, March 10th, 2010
A Philadelphia City Council committee has approved a bill that would close a loophole in the city's early retirement plan. The move would keep elected officials from using the program.
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The bill is mandated by a state rule that cuts off early retirement initiatives such as the Philadelphia Deferred Retirement Option program to elected officials. Councilman Bill Green is an outspoken supporter of closing the loophole. He says it might be time to end early retirement initiatives altogether.
Green:I really think that one of the main reasons they put DROP in place is to encourage people to enter it when they turned 55 who were in the J plan, which is the most expensive plan at this point we really don't have a lot of people left there and I think we have to re-evaluate the entire plan.
The bill allows elected officials already in the DROP plan to stay enrolled.