Town of Babylon, NY Article V Retirement Incentive Program

[Adopted 5-28-1996 by L.L. No. 9-1996[1] ]

[1] Editor's Note: This local law also repealed former Art. V, Retirement Incentive Program, adopted 8-26-1992 by L.L. No. 5-1992, as amended.

§ 47-19 Election of program.

[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.

§ 47-20 Commencement date.

[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.

§ 47-21 Open period.

The open period during which eligible employees may retire and receive the additional retirement benefit shall be 90 days in length.

§ 47-22 Payment.

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.