An
Act Providing For Local
Government Workforce Reduction
Through An Early Retirement
Incentive Program For
Certain Employees.
Summary:
"Chapter
116 of the Acts of 2002
provides for an early
retirement incentive of
up to five years of added
age or creditable service
(subject to local limitation)
for members of city, town,
counties, districts and
authorities' retirement
systems. The total yearly
amount of the retirement
allowance cannot exceed
80 per cent of the average
annual rate of regular
compensation received
during any 3 consecutive
years of creditable service
for which the rate of
compensation was the highest
or of the average annual
rate of regular compensation
received during the periods,
whether or nor consecutive,
constituting the last
3 years of creditable
service preceding retirement,
whichever is greater.
A person must submit an
application by 12/2/02
and retire by 12/31/02.
Date of retirement of
retirees of a city or
town retirement board
shall be 30 days after
the retirement date set
by the city or town executive
authority. Retirement
date for retirees of a
county retirement board
or regional retirement
board shall be 1/30/03."
CHAPTER
116 OF THE ACTS OF 2002
