Study on Cost of DROP Program

The Pennsylvania Intergovernmental Cooperation Authority issued a study on the cost of the City of Philadelphia’s Deferred Retirement Option Plan (“DROP”) since 2010. The study was conducted by the Center for Retirement Research at Boston College , the same institute that conducted the 2010 study. As is evident from this study, DROP continues to add costs to a pension system that is only 44.8 percent funded with an unfunded liability of $6.1 billion. Reform measures must be considered to lessen future additional costs to ensure the health of the pension system. PICA will continue to conduct research, consult with experts, and publish reports with recommendations to improve the fiscal sustainability of the pension system.

To view the report, click here.

To view the accompanying press release, click here.

NOTICE OF RESCHEDULED SEPTEMBER PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY BOARD MEETING

Notice is hereby given that the Board of the Pennsylvania Intergovernmental Cooperation Authority's rescheduled September meeting will take place on Thursday, September 28, 2023, at 1:00 p.m. local time, in the board room of the Authority located on the 16th floor of 1500 Walnut Street, Philadelphia, Pennsylvania, 19102. The meeting agenda can be found here.