Philadelphia City Council Holds Hearings On DROP
PHILADELPHIA (CBS) – Now that the Philadelphia primary is out of the way, City Council members hope to deal with the controversial DROP pension plan before they take their summer recess. It’ll come up at today’s session.
Councilman Darrell Clarke hopes he and his colleagues will craft something that makes sense.
“The issue early on as it relates to calls from the administration to eliminate the program was based on cost. If we could eliminate cost, I don’t understand why there would be a problem with a municipal employee having a retirement program.”
The legislation will flow at the direction of Council President Anna Verna.
“I think it’ll make it better. It’ll give us some options,” she said. “But, I just don’t know that it would be cost neutral.”
The stipulations are said to include a lower lump sum interest rate that participants would earn, and pushing back the minimum retirement age to enroll. Mayor Nutter and critics of DROP would rather see council jettison the entire program, and do away with it.
Reported by Steve Tawa, KYW Newsradio