[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]
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.
The commencement date of the retirement incentive
program shall be October 1, 1999.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
90 days in length.
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.
