Bill 110443
Controlled by Committee of the Whole

RETIREMENT CODE DEFERRED RETIREMENT OPTION PLAN (DROP)

Description

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 u

Read the full Bill: CertifiedCopy11044301.pdf

Actions

(minutes) May 26, 2011: Introduced and Referred to the Committee of the Whole by CITY COUNCIL
June 8, 2011: AMENDED by Committee of the Whole
HEARING HELD by Committee of the Whole
HEARING NOTICES SENT by Committee of the Whole
REPORTED FAVORABLY, RULE SUSPENSION REQUESTED by Committee of the Whole
(minutes) June 9, 2011: SUSPEND THE RULES OF THE COUNCIL by CITY COUNCIL
ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR by CITY COUNCIL
ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR by CITY COUNCIL
(minutes) June 16, 2011: READ AND PASSED by CITY COUNCIL
June 23, 2011: VETOED by MAYOR
(minutes) Sept. 15, 2011: READ by CITY COUNCIL
VETO OVERRIDDEN by CITY COUNCIL
RECONSIDERED by CITY COUNCIL