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Town of Warwick, NY
Orange County
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Table of Contents
Table of Contents
Code
New Laws (5) Index
[Adopted 8-12-2010 by L.L. No. 3-2010]
[1]
Editor's Note: Former Art. IV, Retirement Incentive Program, adopted 9-3-2002 by L.L. No. 4-2002, terminated 12-31-2002.
A. 
The Town of Warwick hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 105, Laws of 2010.
B. 
The commencement date of the retirement incentive program shall be October 1, 2010.
C. 
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 90 days in length.
D. 
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 payment shall be determined by the Actuary of the New York State and Local Employees' Retirement System and shall be paid by the Town of Warwick for each employee who receives the retirement benefits payable under this article.
A. 
The Town of Warwick hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 105, Laws of 2010.
B. 
The commencement date of the retirement incentive program shall be October 1, 2010.
C. 
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 90 days in length and shall end on December 29, 2010.
D. 
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 payment shall be determined by the Actuary of the New York State and Local Employees' Retirement System and shall be paid by the Town of Warwick for each employee who receives the retirement benefits payable under this article.