HomeMy WebLinkAboutLL 05 of 2010 Retirement Incentive Program TOWN OF ITHACA
LOCAL LAW NUMBER 5 OF YEAR 2010
A LOCAL LAW ELECTING A RETIREMENT INCENTIVE PROGRAM AS
AUTHORIZED BY CHAPTER 105,LAWS OF 2010 FOR THE
ELIGIBLE EMPLOYEES OF THE TOWN OF ITHACA
BE IT ENACTED by the Town Board of the Town of Ithaca, as follows:
Section 1: The Town of Ithaca hereby elects to provide all of its eligible employees
with a retirement incentive program authorized by Chapter 105, Laws of 2010 (Part A
retirement incentive benefits).
Section 2: The commencement date of the retirement incentive program shall be
October 4, 2010.
Section 3: The open period, during which eligible employees may retire and receive
the additional retirement benefits, shall be 89 days in length.
Section 4: The actuarial present value of the additional retirement benefits payable
pursuant to the provisions of this local law shall be paid as one lump sum, or in five
annual installments. The amount of the annual payment shall be determined by the
Actuary of the New York State and Local Employees' Retirement System, and it shall be
paid by the Town of Ithaca for each employee who receives the retirement benefits
payable under this local law.
Section 5: This local law shall take effect August 20, 2010.