The mayor issued his call for City Council to eliminate DROP last August. Since then there have been no hearings, with Council members instead waiting to receive a report from consultants that they hired to evaluate the cost of the program.
Some bad news for New Jersey from Wall Street, as Standard and Poors lowered the state’s bond rating yesterday one level from “AA” to “AA-”. That may not sound like much, but it’ll make it more difficult, not to mention more expensive for the state to borrow money.
Councilman Frank DiCicco says he regrets enrolling in the controversial pension plan, and he has introduced a bill which allows any city worker to opt out of DROP.
Governor Rendell is expected to sign a bill on its way from the state House that would address a huge bump in costs for Pennsylvania’s two big employee retirement funds.
A bill that would address a looming spike in taxpayer contributions to Pennsylvania state pension funds has passed the Senate, but its future in the House is murky.