[HISTORY: Adopted by the Town Board of the Town of Islip 9-16-1992 by L.L. No. 3-1992; amended in its entirety 8-17-2010 by L.L. No. 10-2010. Subsequent amendments noted where applicable.]
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Editor's Note: Former Ch. 17B, Retirement Incentive Program, adopted 8-13-1991 by L.L. No. 5-1991, was repealed 9-16-1992 by L.L. No. 2-1992.
This chapter shall be known as "Local Law Providing a Retirement Incentive Program (Part A and Part B) As Authorized by Chapter 105, Laws of 2010."
The purpose and intent of this chapter is to reduce personnel costs, promote reinvigoration of the work force and recognize past contributions of employees.
The Town of Islip hereby elects to provide all its eligible employees with a retirement incentive program, authorized by Chapter 105, Laws of 2010.
The commencement date of the retirement incentive program (Part A and Part B) shall be October 1, 2010.
The open period during which eligible employees may retire and receive the retirement incentive benefit shall begin on October 1, 2010, up to and including December 29, 2010.
The actuarial present value of the retirement incentive benefit payable pursuant to 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 shall be paid by the Town of Islip for each employee who receives the retirement incentive benefit payable under this chapter.
This chapter shall take effect upon filing with the Secretary of State.