[Amended 8-19-1997 by L.L. No. 9-1997; 7-14-1998 by L.L. No.
12-1998; 8-17-1999 by L.L. No. 16-1999; 8-25-2000 by L.L. No.
20-2000; 7-16-2002 by L.L. No. 18-2002; 8-26-2010 by L.L. No.
24-2010]
The Town of Babylon hereby elects to provide
all its eligible employees with a retirement incentive program (including
Part A and Part B) authorized by Chapter 105, Laws of 2010.
[Amended 8-19-1997 by L.L. No. 9-1997; 7-14-1998 by L.L. No.
12-1998; 8-17-1999 by L.L. No. 16-1999; 8-25-2000 by L.L. No.
20-2000; 7-16-2002 by L.L. No. 18-2002; 8-26-2010 by L.L. No.
24-2010; 10-6-2010 by L.L. No. 27-2010; 11-17-2010 by L.L. No. 31-2010]
A. The commencement
date of the retirement incentive program for Part A shall be October
3, 2010.
B. The commencement
date of the retirement incentive program for Part B shall be October
1, 2010.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
90 days in length.
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
the New York State and Local Employees' Retirement System, and it
shall be paid by the Town of Babylon for each employee who receives
the retirement benefits payable under this article.