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Dept. of DROP Madness: Retired financial adviser might get post, double-dip
The Web site for the award-winning alternative weekly, the Philadelphia City Paper.
Dept. of DROP Madness: Retired financial adviser might get post, double-dip
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| Illustration: Evan M. Lopez |
Charles McPherson, City Council's chief financial officer since 1991, retired a little over a year ago — wherein he got a $528,000 payment from the city's deferred retirement option plan (DROP), as well as a $113,500 annual pension.
Thing is, he only kinda retired.
He's been working for the past 14 months without a salary, with an office and everything. But that may soon change. According to the Inquirer, he's rumored to be the favorite among applicants for Council's $150,000-a-year financial consultant adviser position, which is a contracted job. If he lands it, that mean's he'll be getting $263,500 a year from the city — and that says nothing of the sweet DROP payment he received upon retirement.
Some other lovely facts about McPherson:
He was integral to Council's rejection of Mayor Nutter's proposed citywide trash-collection fee and sweet-drinks tax this year. Council instead raised property taxes 9.9 percent and hiked the commercial-property trash-collection free from $150 to $300.
Ah yes, bring back the guy who's responsible for this year's stellar budget. Oh, and also, he loooooves DROP:
McPherson has been perhaps city government's most ardent advocate for DROP, which he says keeps valuable employees in government. He is adamant that he would have left his post in 2005 if DROP had not been available to him. Council members who have joined DROP — drawing public outrage at their large payments — have often echoed McPherson's argument that the DROP payments represent their money.
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