Town of Southeast, NY
Putnam County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Town Board of the Town of Southeast as indicated in article histories. Amendments noted where applicable.]
GENERAL REFERENCES
Salaries and compensation — See Ch. 34.
[Adopted 9-2-1999 by L.L. No. 5-1999]

§ 31-1 Program established.

The Town of Southeast hereby elects to provide all its eligible employees with the retirement incentive program authorized by Chapter 70, Laws of 1999, provided that the Town is able to determine that it would result in a statutorily mandated cost savings.

§ 31-2 Commencement date.

The commencement date of the retirement incentive program shall be October 1, 1999.

§ 31-3 Open period length.

The open period during which eligible employees may retire and receive the additional retirement benefit shall be 90 days in length.

§ 31-4 Payment of benefit.

The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this article shall be paid as one lump sum or in five annual installments. The amount of the annual payments shall be determined by the Actuary of the New York State Local Employees' Retirement System, and it shall be paid by the Town of Southeast for each employee who receives the retirement benefits payable under this article.