A Philadelphia official who took money from the DROP retirement incentive program wants to find a way to give at least some back.
Philadelphia Register of Wills Ron Donatucci says he doesn’t want to see the city lose money on his DROP retirement payout. He’s working to refund some of it.
“I’m doing an analysis right now on the interest part of it because two of the years that it was accumulated during this period were years when the city lost money and I don’t think it’s fair to take the four and a half percent interest during those years,” said Donatucci.
Donatucci says he is also trying to work out a way to give back more than the interest difference.
“I want to give it back to the city, I said it from day one I want to donate it to the pools for the children for the summer, libraries, I want to earmark what its for,” he said.
The Register of Wills “retired” on December 23 taking nearly $370,000 dollars in DROP money and started a new term in the job on January 2nd.
The law has been changed so new elected officials cannot enroll in DROP, “retire” and come back to work after winning another term.