HomeMy WebLinkAboutMN-CC-2002-06-19
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COMMON COUNCIL PROCEEDINGS
CITY OF ITHACA, NEW YORK
Special Meeting 7:00 p.m. June 19, 2002
PRESENT:
Mayor Cohen
Alderpersons (8) Pryor, Blumenthal, Mack, Whitmore, Vaughan,
Cogan, Hershey, Sams
OTHERS PRESENT:
City Controller Thayer
EXCUSED:
Alderpersons Manos and Peterson
PLEDGE OF ALLEGIANCE:
Mayor Cohen led all present in the Pledge of Allegiance to the
American flag.
SPECIAL ORDER OF BUSINESS:
A Local Law Electing a Retirement Incentive Program
By Alderperson Blumenthal: Seconded by Alderperson Hershey
Local Law No. ___ of the Year 2002
City of Ithaca
A Local Law Electing a retirement incentive program as authorized
by Chapter 69, Laws of 2002 for the eligible employees of the
City of Ithaca.
BE IT ENACTED, by the Common Council of the City of Ithaca as
follows:
Section 1. The City of Ithaca hereby elects to provide all its
eligible employees with a retirement incentive program authorized
by Chapter 69, Laws of 2002.
Section 2. The commencement date of the retirement incentive
program shall be July 3, 2002.
Section 3. The open period during which eligible employees may
retire and receive the additional retirement benefit shall be 75
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 City of
Ithaca for each employee who receives the retirement benefits
payable under this local law.
Section 5. This act shall take effect upon filing with the
Secretary of State on or before July 1, 2002.
Carried Unanimously
ADJOURNMENT:
On a motion the meeting adjourned at 7:05 P.M.
________________________ _______________________
Steven P. Thayer Alan J. Cohen,
City Controller Mayor