[HISTORY: Adopted by the Town Board of the Town of Southampton 8-24-2010 by L.L. No. 26-2010. Amendments noted where applicable.]
Retirement Incentive Program, Part B — See Ch. 71.
The Town Board of the Town of Southampton hereby elects to provide all of its eligible employees with Part A of the retirement incentive program authorized by Chapter 105 of the Laws of 2010.
The commencement date of the retirement incentive program shall be October 4, 2010.
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 89 days in length.
The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this chapter 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 Town of Southampton for each employee who receives the retirement benefits payable under this chapter.
This chapter shall take effect August 31, 2010.