[Adopted 7-1-2010 by L.L. No. 3-2010[1]]
[1]
Editor's Note: This local law superseded former Art. X, Retirement
Incentive Program, adopted 7-23-2002 by L.L. No. 6-2002, as amended.
A.
The City
of Yonkers, by City Council convened, does hereby elect to participate
in the Retirement Incentive Program as described in Section 105 of
the Laws of 2010 for those employees of the City of Yonkers who are
members of the New York State and Local Employees Retirement System
and who are at least age 50 with at least 10 years of service credit,
or at least age 55 with at least five years of service credit, not
including incentive credit. The commencement date of the Retirement
Incentive Program shall be July 15, 2010. The open period, during
which eligible employees may retire and receive the additional retirement
benefits, shall be 45 days in length. The Retirement Incentive Program
will be open to all eligible employees from July 15, 2010, until August
30, 2010, a forty-five-day period.
B.
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 New York State and Local Employees’
Retirement System, and it shall be paid by the City of Yonkers for
each employee who receives the retirement benefits payable under this
article.
