Maybe We Should DROP You in the Next Election, Franny!
PHILADELPHIA - It was a stunning admission Thursday from a Philadelphia City Council member who is ready to accept a big payout from the Deferred Retirement Option Plan but stay on the job.
You know about DROP. City workers sign up and set a retirement date up to four years in the future. Their pension account is frozen, and deposited in a guaranteed interest-bearing account. When they retire, they get that money in a lump sum payment and, then, their full pensions.
A Boston College study shows the program may be costing Philadelphia more than $22 million dollars a year. What's more, some elected officials and higher-ups are collecting the pay out and then returning to work.
Fox 29 Political Reporter Bruce Gordon reported that Councilman Frank Rizzo may have said more than he wanted to Thursday.
Rizzo is a Republican at-large councilman, meaning he runs citywide, not just in a single district. He's been in office since 1996, and is eligible for a DROP check of nearly $200,000.
Some council members have claimed they signed up for drop with the full expectation of retiring but changed their mind.
Here's MY Choice,...