HomeMy WebLinkAbout1985_12_18_Local_Law_No_15 (tic� Il:r ili.For-n ;or yaar l-,-_3 T.aw ri:,ti :.+-S_-c3:f-uy of Satr)
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15 19 85
; ? a entitled "Electing a Retirement Incentive-T1729ram�'
ii ztb� d ih� Town Board
Mamaroneck _ iay .
BE IT ENACTED by the Town Board of the Toi�in 'of rlaii aroneck, New YYorlc
as follows:
1. Purpose
A LOCAL LAW electing a retirement incentive program as authorized by
Chapter 665, Laws-of 1984 for the -eligible employees of the Town of Mamaroneck,New York.
2. Election of Incentive Retirement Program .
The To-,m of Mamaroneck hereby elects to provide all its eligible employees
with a retirement incentive program authorized by Chapter 665, Laws of 1984.
3. Commencement Date
The commencement date of the retirement incentive program shall be
.Tune 1, 1986.
4, open Period
The Open period, during which eligible employees may retire and receive
the additional retirement benefit, shall be ninety days in length.
S. Computationof Benefits
The actuarial present value of the additional retirement benefit payable
pursuant to the provisions of this local law shall be funded over a five-year period.
The amount of 'the annual payment in each of the five years sha:llbe determined by the
Actuary of the New York State Employees' Retirement System, and it shall be paid by
the Town of Plamaroneck for each employee who receives the retir.entent benefits payable
under this local law.
6. Effective Date ,
This ict shall take effec-L
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