Title
Amending Section 22-310 of The Philadelphia Code, entitled Deferred Retirement Option Plan (DROP), by revising and clarifying requirements relating to separation from employment, 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 amended to read as follows:
§ 22-310. Deferred Retirement Option Plan (DROP).
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(5) Benefit Requirements and Calculation.
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(f) Separation and Payment of DROP benefit. A DROP participant who separates from active service with the City (including a layoff or furlough of fifteen or more consecutive days, but not including a layoff or furlough of fewer than fifteen consecutive days) is entitled to receive the member's DROP benefit in a lump sum. In addition, upon the effective date of such separation, the member shall be retired, and becomes eligible to receive a service retirement benefit, in the monthly amount calculated in Section 22-310(5)(b)(.1) above.
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