HomeMy WebLinkAboutLL 09 of 1995 Retirement IncentiveLOCAL LAW NO. 9 OF 1995
A LOCAL LAW ELECTING A RETIREMENT INCENTIVE PROGRAM
AS AUTHORIZED BY CHAPTER 12, LAWS OF 1995 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 its eligible employees with a
retirement incentive program authorized by Chapter 12, Laws of the State of New York of 1995, as
amended.
Section 2. The commencement date of the retirement incentive program shall be October
2, 1995.
Section 3. The open period during which eligible employees may retire and receive the
additional retirement benefit, shall be 88 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 local law is intended to extend and broaden the coverage of the retirement
incentive adopted by the Town of Ithaca by local law No. 3 of the year 1995 entitled "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".
Section 7. This act shall take effect upon filing same with the Secretary of State of the
State of New York.