Official:Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending the options for retirement benefits; in particular, amending Section 22-310, entitled "Deferred Retirement Option Plan (DROP)," by making various changes to DROP to reduce its costs, including, but not limited to, changing eligibility requirements and the interest credited to DROP accounts; adding a new option for retirees to take a lump sum benefit at retirement, in exchange for an actuarial reduction of their regular monthly pension; and making conforming amendments to other provisions; all under certain terms and conditions.
Sponsor: Council President Verna
Introduced: May 26, 2011
Signed: September 15, 2012
: Committee of the Whole
Status: Signed into Law, step 4 of 4
This bill amends the Philadelphia Code's Public Employees Retirement Code to make changes to the Deferred Retirement Option Plan (DROP) and add a new option for retirees to take a lump sum benefit at retirement.
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