HomeMy WebLinkAboutLL 05 of 2000 Retirement Incentive Program.pdf Town Board Meeting 8/07/00
TOWN OF ITHACA
LOCAL LAW NO. 5 OF THE YEAR 2000
A LOCAL LAW ELECTING A RETIREMENT INCENTIVE PROGRAM AS AUTHORIZED
BY CHAPTER 86, LAWS OF 2000 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 86, Laws of 2000.
Section 2. The commencement date of the retirement incentive program shall be October 2,
2000.
Section 3. The open period during which eligible employees may retire and receive
additional retirement benefit, shall be ninety (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 (5) annual installments.
The amount of the annual payment shall be determined by the Actuary of the State of New York 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 act shall take effect August 7, 2000.