Citing data provided by the city for 48,029 employees between 1990 and 2008, the draft says DROP both increased the retirement age and was used by employees in a way that "results in a substantial increase in pension cost," wrote Webb, Norma B. Coe, and Samson Alva, all Boston College economists.
The 22-page paper provides no supporting data for that assertion. The "conclusion" section is left blank, as are figures for specific costs of DROP. The report focuses mostly on the team's research methodology rather than the results.
The paper can be found online as part of the conference program at http://go.philly.com/dropstudy
Mayor Nutter commissioned the report last year at a cost of $79,989 to determine DROP's effect on the retirement decisions of city employees, and whether it is a drain on the $4.1 billion pension fund. The fund has just 46 percent of the money it needs to fund all its pension obligations. Whether the Boston College findings are reliable or accurately reflect what the city will issue next week is unclear. And the statements in the paper were already being assailed Thursday as unfounded by organized labor's highest-ranking member of the city's pension board, so a confrontation when the city releases the report is almost certain.
Webb would not comment on the paper.
DROP gives city employees a chance to build up pension payments while still working and has been particularly controversial in Philadelphia for its use by elected officials. About three-quarters of all employees who retire use it.
Finance Director Rob Dubow, chairman of the Board of Pensions and Retirement, was clearly perturbed when told that any version of the report was posted on the Web.
