HomeMy WebLinkAboutLL 05 of 1996 Retirement Incentive Prog LOCAL LAW NO. 5 FOR THE YEAR 1996
A LOCAL LAW ELECTING A RETIREMENT INCENTIVE PROGRAM
AS AUTHORIZED BY CHAPTER 30, LAWS OF 1996 FOR
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 its eligible employees with a
retirement incentive program authorized by Chapter 30, Laws of the State of New York of 1996, as
amended.
Section 2. The commencement date of the retirement incentive program shall be August
15, 1996.
Section 3. The open period during which eligible employees may retire and receive the
additional retirement benefit, shall be 90 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 retirement benefits payable under this local law.
Section 5. The Town Clerk is instructed to file a certified copy of 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.