HomeMy WebLinkAboutLL 09 of 1998 Retirement Incentive ProgramTown of Ithaca
Town Board Meeting - August 10, 1998
Agenda Item No.13
LOCAL LAW NO.FOR THE YEAR 1998
A LOCAL LAW ELECTING A RETIREMENT INCENTIVE PROGRAM
AS AUTHORIZED BY CHAPTER 47,LAWS OF 1998 FOR
ELIGIBLE EMPLOYEES OF THE TOWN OF ITHACA
Be it enacted by the Town Board of the Town of Ithacaas follows:
Section 1. The Town of Ithaca hereby elects to provide aU its eligible employees with
a retirement incentive program authorized by Chapter 41,Laws of the State of New York of
1997,as amended, including as amended by Chapter 47,Laws of theState of New York of 1998.
Section 2. The commencement date of the retirementincentive program shall be October
2,1998.
Section3. The open period during which eligible employees may retire and receive the
additionalretirement benefit, shall be 90 days in length,commencing October 2,1998 and ending
December 31,1998.
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 andLocal Employees' Retirement System,and it shall bepaid by theTown of Ithaca
for each employee who receives retirement benefits payable under this local law.
Section5. The Town Clerk is instructed to filea certified copyof this local law with the
New York State and Local Employees'Retirement System.
Section 6. This act shall take effect upon filing same with the Secretary of State of the
State of New York.