[HISTORY: Adopted by the Town Board of the
Town of Lancaster 9-21-1992 by L.L. No. 5-1992; amended in its entirety 8-30-1999 by L.L. No. 5-1999 (Ch. 28 of the 1966 Codification). Amendments noted where applicable.]
The Town of Lancaster hereby elects to provide its eligible employees with a retirement incentive program authorized by Chapter 70 of the Laws of 1999.
The commencement date of the retirement incentive
program shall be October 1, 1999.
The Town Board shall determine which positions in Town service are eligible as meeting the requirements of Chapter 70 of the Law of 1999 and shall so designate those positions.
The open period during which eligible employees
may retire and receive additional retirement benefit shall be 60 days
in length.
The actuarial present value of additional retirement
benefits payable pursuant to the provisions of this chapter shall
be funded over a five-year period. The amount of the annual payment
in each of the five years 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 Lancaster for each employee who receives the
retirement benefits payable under this chapter.
This chapter shall take effect upon filing with
the Secretary of State.
