City of Philadelphia - File #: 030610

• File #: 030610
• Version: 0
• Type: Bill
• Status: LAPSED
• File created: 9/18/2003
• In control: Committee of the Whole
• Title: Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending Chapter 22-300, entitled "Retirement Benefits," by providing for the discontinuation of the existing test Deferred Retirement Option Plan (DROP), and by providing for a new test DROP; all under certain terms and conditions.
• Sponsors: Councilmember Kenney, Councilmember DiCicco, Councilmember Ortiz, Councilmember Nutter
• Indexes: DEFERRED RETIREMENT OPTION PLAN (DROP)
• Code sections: 22-300 - Retirement Benefits, 22-310 - Deferred Retirement Option Plan (DROP), Title 22 - PUBLIC EMPLOYEES RETIREMENT CODE

Date	Ver.	Action By	Action	Result	Tally
10/29/2003	0	Committee of the Whole	HEARING HELD
10/29/2003	0	Committee of the Whole	RECESSED
10/27/2003	0	Committee of the Whole	HEARING NOTICES SENT
10/27/2003	0	Committee of the Whole	HEARING HELD
10/27/2003	0	Committee of the Whole	RECESSED
9/18/2003	0	CITY COUNCIL	Referred
9/18/2003	0	CITY COUNCIL	Introduced	Pass

Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending Chapter 22-300, entitled "Retirement Benefits," by providing for the discontinuation of the existing test Deferred Retirement Option Plan (DROP), and by providing for a new test DROP; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Title 22 of The Philadelphia Code is hereby amended to read as follows:

TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE.

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CHAPTER 22-100. GENERAL PROVISIONS.

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§22-105. Definitions. In addition to the definitions set forth in §1-103(1) of the Code, the following definitions apply to this Title unless the context plainly requires otherwise:

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(12A) DROP. The deferred retirement option plan established under Section 22-310 or the deferred retirement option plan established under Section 22-310.1. [The] Neither DROP is [not] a "Plan" as that term is defined in Section 22-105(30).

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CHAPTER 22-300. RETIREMENT BENEFITS.

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§22-310. Deferred Retirement Option Plan - First Test (DROP I).

(1) Test DROP. [The DROP described in this section is enacted as a test for a limited duration as provided below, and will not be continued unless the specified conditions are met. It is the intent of Council that the design of this test DROP is such that the impact of the plan will not result in more than an immaterial increase in the City's normal cost of annually funding the Retirement System. Accordingly, this test DROP is subject to the following conditions:

(a) This test DROP will be tested for a period of four years. Within 30 days of the fourth anniversary of the effective date of the ordinance that adds this subsection to provide for the test DROP, the Board shall seek an analysis from its actuary as to the experience of the test DROP for the preceding four years. If the Board, based on the report of its...