Transmitting a bill amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending Section 22-310, entitled "Deferred Retirement Option Plan (DROP)," by revising the interest rate applied to DROP account balances; under certain terms and conditions.

AI summary

This communication transmits a proposed bill that would amend Philadelphia’s Public Employees Retirement Code by changing the interest rate applied to Deferred Retirement Option Plan (DROP) account balances, subject to stated terms and conditions. It concerns public employees participating in the DROP program; the item was placed on file and does not describe a change currently in effect.