PHILADELPHIA (CBS) – City Council leaders say they’ll finally schedule a hearing on the controversial DROP pension perk in April but in the meantime they’re looking for ways to keep the program alive, with a smaller price tag.
City Council’s own study of the DROP lump sum pension payout puts the price tag at $100 million over the life of the program. That’s far less than the mayor’s estimate of more than $250 million.
Councilman Curtis Jones said, “So, the question now becomes, ‘is it broke, can we fix it, or is it beyond repair?’”
Council President Anna Verna says it may be repairable and she’s exploring ways to keep DROP alive but make it cost-neutral to the city. Mayor Nutter says at $100 million or $250 million, the program needs to be abolished.
“Those facts will not change,” Nutter said. “As John Adams said, facts are stubborn things.”
Nutter first called on Council to drop DROP last August. A hearing now won’t come until April at the earliest.
Reported by Mike Dunn, KYW Newsradio