Philly Councilwoman to Retire and Collect $478,000 Pension, Then Start Back To Work On Monday
December 29, 2011 - 4:50 pm
A woman described as “as one of Philadelphia’s most influential, politically savvy, and pro-active public officials” is about to prove the description true.
She’s about to play the system and pocket a cool $478,000:
Marion B. Tasco, who has been described as being “politically savvy,” will retire from her sixth term as councilwoman, collect $478,057, and then be sworn in on Monday to serve her seventh term, Catherine Lucy and Chris Brennan of the Philadelphia Daily News.
How does she get away with this?
Tasco, along with many of her fellow Council members, is enrolled in Philadelphia’s Deferred Retirement Option Plan (DROP). DROP allows city workers to collect salary and build up pension money during the last four years of their employment, writes Aaron Kase of Philadelphia Weekly.
Naturally, when DROP was originally introduced, it was touted as being “revenue neutral.” It’s been anything but that. SInce its introduction, Philadelphia’s DROP program has cost the city $258 million in extra pension costs over a decade, according to a 2010 Boston College study.
I love it when politicians describe something as revenue neutral. It’s a great indicator of their arrogance. It tells me they believe they have considered every possible scam millions of criminals could imagine and built in safeguards to prevent them from happening.
What makes it worse is when the criminals are passing the bills…
Hat Tip: Doug Ross