HomeMy WebLinkAboutLL 03 of 1995 Retirement Incentive LOCAL LAW NO. 3 FOR THE YEAR 1995
A LOCAL LAW ELECTING A TARGETED RETIREMENT INCENTIVE PROGRAM AS
AUTHORIZED BY CHAPTER 12, LAWS OF 1995 OF THE STATE OF NEW YORK, 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 the employees presently in the
positions set forth below with a retirement incentive program authorized by Chapter 12 of the Laws
of the State of New York for 1995.
Section 2. The commencement date of the retirement incentive program shall be June 3,
1995.
Section 3. The open period during which eligible employees may retire and receive the
additional retirement benefit, shall be ninety (90) days in length, commencing June 3, 1995 and
ending August 31, 1995.
Section 4. The actuarial present value of the additional retirement benefits payable pursuant
to the provisions of this local law shall be funded over a five year period. The amount of the annual
payment in each of the five years 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. The positions that are eligible for this retirement incentive are Highway Crew
Supervisor and Assistant to the Town Engineer.
Section 6. The Town Clerk is instructed to file a copy of this Local Law with the New York
State and Local Employees' Retirement System within seven days of its adoption.
Section 7. This act shall take effect upon filing same with the Secretary of State of the State
of New York.