Summary
PICA adopted Resolution No. 2017-04, approving the selection of the Center for Retirement Research at Boston College to conduct an updated study on the City of Philadelphia’s Deferred Retirement Option Plan (DROP). The original study, conducted in 2010, needed to be reassessed to account for changes in the program and its fiscal impact. The Executive Director was granted the authority to negotiate the contract, ensuring that the engagement aligns with PICA’s financial oversight mission. The study will evaluate DROP’s costs and benefits, helping PICA assess its financial implications for the City. The resolution also ratifies prior actions taken to support this effort. The resolution takes effect immediately.