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City Retirees Get New Option: Lump Sum Payment Swap Could Be Available At Retirement

Official:Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending the options for retirement benefits; in particular, 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: Councilmember Goode

Introduced: September 8, 2011

: Committee on Labor and Civil Service

pensions

No one voted on this bill

This bill was introduced in the 2008–2011 Council term and when that term ran out. The public record shows no committee vote and no floor vote at any stage, so no member of Council ever went on record for or against it.

That is not unusual here. Of the 8,465 bills introduced between 2000 and 2025, 1,624 lapsed without a single recorded vote. Ninety percent of bills that became law carry a roll call. Three percent of lapsed bills do. How this works.

Plain-Language Summary

This bill allows city retirees to choose between receiving a monthly pension and a lump sum payment at retirement, in exchange for an actuarial reduction of their regular monthly pension.

What This Bill Does

AI-written. Every figure is checked against the bill text.

Adds a new option for city retirees to take a lump sum benefit at retirement, in exchange for an actuarial reduction of their regular monthly pension (Option 5).
Requires retirees who choose Option 5 to elect one of the existing options (Options 1-4) in addition to receiving a partial lump sum benefit.
Prohibits members who have elected to participate in the Deferred Retirement Option Plan (DROP) from electing Option
4. Includes conforming amendments to other provisions in Title 22 of The Philadelphia Code, the Public Employees Retirement Code.