Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending Section 22-310, entitled "Deferred Retirement Option Plan (DROP)," by making certain changes to the DROP plan, including making elected officials ineligible to participate in the DROP; and providing for an annual report concerning the 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 22-300. RETIREMENT BENEFITS.
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§ 22-310. Deferred Retirement Option Plan (DROP).
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(4) Eligibility. In order to be eligible to participate in this program, a member must be an active employee of the City and be otherwise eligible to retire under Section 22-301 and must have a minimum of ten (10) years of credited service, all as of the DROP entry date. In lieu of separating from employment and commencing receipt of service retirement benefits, any such member may enter into this program ("the DROP") on or after the date the member attains his or her "minimum retirement age" as that term is defined in Section 22-105(25), provided that the member's DROP entry date shall meet the requirements in Section 22-310(5)(a) below. For participation in the DROP to be effective, the application must be approved by the Board pursuant to Section 22-309. No elected official shall be eligible to participate in the DROP program.
SECTION 2. Title 22 of The Philadelphia Code is hereby amended to read as follows:
TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE.
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CHAPTER 22-300. RETIREMENT BENEFITS.
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§ 22-310. Deferred Retirement Option Plan (DROP).
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(7) Annual Report. No later than sixty days after the close of each fiscal year, the Board shall produce a report to the Mayor and the Council setting out the pension system...
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