A Deferred Retirement Option Plan (DROP) (215) 496-7430 allows City employees to accumulate their monthly service retirement benefit in an interest-bearing account at the Board of Pensions for up to four (4) years and continue to be employed by the City of Philadelphia.
Inquiries can be made to the Office of Human Resources (215) 686-0880.
Click here for more information about DROP.
How the plan works:
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DROP is an enhancement to your current pension plan.
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When you elect to participate in DROP, you cease to make contributions to the Retirement System, and your monthly pension benefit is calculated as of the day before your DROP enrollment date.
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Your monthly pension benefit is then credited to a tax-deferred interest-bearing account, the interest rate for which is determined by the Board of Pensions and Retirement.
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You can continue to work for the City of Philadelphia for up to four years.
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When you officially retire within four years of your DROP enrollment date, you will begin to receive your monthly pension benefit, plus the accumulated balance in your DROP account.
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YOUR ELECTION TO PARTICIPATE IN DROP IS IRREVOCABLE.
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Any employee who has attained at least 10 years of credited service and attained the normal retirement age of their plan is eligible to participate.
Plans A and B – Age 50 - Plan L – Age 55 - Plan Y – Age 60
You should make an application approximately 120 days before the date you wish to enroll in DROP. For further information concerning DROP, call (215) 496-7430 to arrange an appointment with a pension counselor.
