HomeMy WebLinkAboutLL 06 of 2002 Retirement Incentive Program.pdfLOCAL LAW NO. 6 OF THE YEAR 2002
A LOCAL LAW ELECTING A RETIREMENT INCENTIVE PROGRAM AS AUTHORIZED BY
CHAPTER 69, LAWS OF 2002 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 69, Laws of 2002, of the State of New York.
Section 2. The commencement date of the retirement incentive program shall be October 3, 2002.
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 22, 2002.