Town of Mamakating, NY Chapter 32 Retirement Incentive Program

[HISTORY: Adopted by the Town Board of the Town of Mamakating 5-4-1995 by L.L. No. 2-1995. (Note: This local law superseded former Ch. 32, Retirement Incentive Program, adopted 10-3-1991 by L.L. No. 12-1991.) Amendments noted where applicable.]

§ 32-1 Establishment; statutory authority.

The Town of Mamakating hereby elects to provide all its eligible employees with a Retirement Incentive Program authorized by Chapter 12, Laws of 1995.

§ 32-2 Commencement date.

The commencement date of the Retirement Incentive Program shall be June 3, 1995.

§ 32-3 Open period to retire and receive benefits.

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

§ 32-4 Payment of benefits.

The employer will fund the Retirement Incentive Program provided by Chapter 12, Laws of 1995, by paying to the New York State and Local Employers' Retirement System in five annual payments, the amount of which shall be determined by the Retirement System Actuary, the first payment for which is due December 15, 1996.