Ontario County

Local Law No. 3 of 2002

A Local Law Electing a Retirement Benefit Program As Authorized By Chapter 69, Laws of 2002, For the Eligible Employees Of the County of Ontario – As Amended

Be it enacted by the Board of Supervisors of the County of Ontario as follows:

SECTION 1:

The County of Ontario hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 69, Laws of 2002.

SECTION 2:

The commencement date of the retirement incentive program shall be July 15, 2002.

SECTION 3:

The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 60 days in length.

SECTION 4:

The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this local law 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 County of Ontario for each employee who receives the retirement benefits payable under this local law.

SECTION 5:

This act shall take effect immediately upon adoption.