[HISTORY: Adopted by the Town Board of the Town of Manlius 8-25-2010 by L.L. No. 2-2010. Amendments noted where applicable.]
Editor's Note: This local law was originally adopted as Ch. 17, but was renumbered for organizational purposes.
The Town of Manlius hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 105 of the Laws of 2010, which eligible position include, but may not be limited to, Director of Recreation.
The commencement date of the retirement incentive program shall be October 1, 2010.
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 90 days in length.
[Amended 10-27-2010 by L.L. No. 3-2010]
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 Manlius for each employee who receives the retirement benefits payable under this chapter.