A report on Philadelphia’s Deferred Retirement Option Plan (DROP) should be ready very soon.
City Councilman Brian O’Neill says the report from council’s consultant is about ready. The next step would be Council’s consultant conferring with the mayor’s consultant on the numbers, and after that there will be hearings on the early retirement program.
“I’m hoping we just don’t limit ourselves to DROP,” said O’Neill. “That we really look real hard at the pension fund, have our own actuary and be at the table talking about a very very very serious issue for taxpayers of Philadelphia, the employees of Philadelphia and the pensioners of Philadelphia.”
O’Neill says he expects all sides to firm up the numbers this week and a hearing to come very soon.
Based on his own consultant’s report, Mayor Nutter wants to abolish the plan, saying it’s too costly. DROP participants collect a lump sum upon retirement and then begin collecting regular pension checks.