header-left
Share to Facebook Share to Twitter Bookmark and Share
File #: 110443    Version: Name:
Type: Bill Status: ENACTED
File created: 5/26/2011 In control: Committee of the Whole
On agenda: Final action: 9/15/2012
Title: 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.
Sponsors: Council President Verna, Councilmember Tasco, Councilmember Sanchez, Councilmember DiCicco, Councilmember Greenlee, Councilmember Green, Councilmember Miller, Councilmember Krajewski, Councilmember Clarke, Councilmember O'Neill, Councilmember Kelly, Councilmember Reynolds Brown, Councilmember Jones
Indexes: DEFERRED RETIREMENT OPTION PLAN (DROP), RETIREMENT CODE
Code sections: 22-310 - Deferred Retirement Option Plan (DROP), Title 22 - PUBLIC EMPLOYEES RETIREMENT CODE
Attachments: 1. CertifiedCopy11044301.pdf
Date Ver.Action ByActionResultTallyAction DetailsVideo
9/15/20111 CITY COUNCIL VETO OVERRIDDENPass17:0 Action details Not available
9/15/20111 CITY COUNCIL RECONSIDERED   Action details Not available
9/15/20111 CITY COUNCIL READ   Action details Not available
6/23/20111 MAYOR VETOED   Action details Not available
6/16/20111 CITY COUNCIL READ AND PASSEDPass14:3 Action details Not available
6/9/20111 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Not available
6/9/20111 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
6/9/20111 CITY COUNCIL ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR   Action details Not available
6/8/20110 Committee of the Whole HEARING NOTICES SENT   Action details Not available
6/8/20110 Committee of the Whole HEARING HELD   Action details Not available
6/8/20110 Committee of the Whole AMENDED   Action details Not available
6/8/20111 Committee of the Whole REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
5/26/20110 CITY COUNCIL Introduced and ReferredPass  Action details Not available
Title
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.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Section 22-310 of The Philadelphia Code is hereby amended to read as follows:
ยง22-310. Deferred Retirement Option Plan (DROP).
* * *
(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") (i) in the case of Police Employees and Fire Employees, on or after the date the member attains his or her "minimum retirement age," as that term is defined in Section 22-105(25); or (ii) in the case of all other members, on or after the second anniversary of the date the member attains his or her "minimum retirement age" as that term is defined in Section 22-105(25), provided in either case 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.

(a) Eligibility of Elected Officials. No elected official shall be eligible to participate in the DRO...

Click here for full text