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.