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DROP program costs S

The Deferred Retirement Option Plan, or DROP, has cheap Michael Kors handbags outlet long been one of the most frequently criticized benefits available to city workers because it allows an employee to officially retire but continue working for up to five years. During that period, the employee receives a salary and collects a pension although the pension goes into a special account that can’t be touched until the worker leaves the city payroll.The program created in 1997 to retain experienced workers nearing retirement was intended to be cost neutral for taxpayers, but an exhaustive fiscal analysis has been delayed for years as city officials Michael Kors handbags have focused mainly on San Diego’s other pension related woes.By the numbersDeferred Retirement Option Plan$9.169 billion: present value of benefits for DROP eligible city workers$9.020 billion: present value of benefits minus DROP program$148.7 million: estimated taxpayer cost of DROP programSource: Buck ConsultantsCritics say the program amounts to double dipping at taxpayer expense cheap michael kors and they are Michael Kors handbags outlet outraged by DROP withdrawals that can add as much as $100,000 a year to retiree pensions. Supporters say DROP allows the city to keep veteran employees while avoiding the pension costs for a replacement.A study by Buck Consultants released Wednesday determined that DROP is cost neutral because it only represents a 1.6 percent increase in cost to taxpayers compared to what employees Michael kors handbags outlet would receive if the program never existed. City officials and union leaders agreed before the study that cost neutrality was defined as within 2 percent above or below the city’s cheap Michael kors handbags outlet costs without the program, the same margin used in an analysis of the DROP program in Los Angeles.The 1.6 percent difference represents about $148.7 million if the city had to pay for the entire program in today’s cheap Michael Kors handbags outlet dollars. In reality, the city will pay those costs over the next several decades as employees enter DROP and retire. With DROP, the city is expected to spend about $9.17 billion on those workers, the study said. Without it, the cost is $9.02 billion.Michael Zucchet, head of the city’s white collar union, said the study is a vindication for DROP even though he believes the analysis was slanted against the benefit. He said the cost neutral margin of 2 percent should have been much higher given the number of variables that go into calculating DROP’s financial impact.”The benefit’s been so maligned, misunderstood and flat out lied about for so many years I don’t know how you can undo all that, but hopefully people will ignore the rhetoric . and simply look at the facts,” he said. “People who can’t accept that and still want to argue that DROP is an evil benefit just obviously have another agenda in mind that has nothing to do with the facts.”City Councilman Carl DeMaio, one of the program’s biggest critics, also called the analysis flawed but for very different reasons. He said the cheap Michael Kors handbags outlet study didn’t look at the totality of DROP’s costs.Articles Connexes:

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