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Town of Colonie, NY
Albany County
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[HISTORY: Adopted by the Town Board of the Town of Colonie 8-26-2010 by L.L. No. 6-2010.[1] Amendments noted where applicable.]
GENERAL REFERENCES
Officers and employees — See Ch. 29.
Salaries and compensation — See Ch. 40.
[1]
Editor's Note: This local law also superseded former Ch. 38, Retirement Incentive Program, adopted 8-26-1999 by L.L. No. 9-1999.
The Town of Colonie, County of Albany, State of New York hereby elects to provide all of its eligible employees with the retirement incentive programs authorized by both Part A and Part B of Chapter 105 of the Laws of 2010.
A. 
The commencement date of the retirement incentive program authorized by Part A of Chapter 105 of the Laws of 2010 shall be October 1, 2010.
B. 
The commencement date of the retirement incentive program authorized by Part B of Chapter 105 of the Laws of 2010 shall be October 1, 2010.
The open period, during which eligible employees may retire and receive the additional retirement benefits under both Part A and Part B of Chapter 105 of the Laws of 2010 shall be 90 days in length and shall end on December 29, 2010.
The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this chapter 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 Colonie for each employee who receives the retirement benefits payable under this chapter.