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 Danbury
 Code of Ordinances
 Chapter 32. PENSIONS AND RETIREMENT
 Article II. GENERAL EMPLOYEES

  Sec.; 32-39. - 2013 Retirement Incentive Program.  

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  • (a)

    The City of Danbury hereby adopts the 2013 Retirement Incentive Program ("Incentive Program") for non-union employees of the City, excluding the City of Danbury Board of Education.

    (b)

    Those eligible for the Incentive Program include only full-time active employees who meet the following criteria:

    (1)

    Are participants in the General Employees Pension Plan (GEPP); and

    (2)

    Whose age and years of credited service are equal to at least 75 as of June 30, 2013.

    (c)

    The Incentive Program shall not apply to individuals currently receiving a pension or previously retired under the GEPP.

    (d)

    Eligible employees shall elect participation in the Incentive Program no later than June 13, 2013, by submitting a written election to the City of Danbury Director of Finance. Such election to retire under this offering shall be irrevocable after June 13, 2013. The retirement date of an eligible employee shall be effective July 1, 2013. An employee must elect one of the optional forms of benefit as follows: life annuity, monthly annuity, full lump sum, or combination payment (lump sum and annuity payment) at the time he or she elects to retire, no later than June 13, 2013.

    (e)

    An employee who is interested in electing participation in the Program should schedule a personal review meeting with the City's Finance Department staff as soon as possible to determine eligibility and benefits. It is the employee's responsibility to investigate whether he is eligible.

    (f)

    An employee who retires under this Incentive Program shall receive the following benefits:

    (1)

    Employee credited service award: one thousand dollars ($1,000.00) for each year of credited service, payable to the retiree as a lump sum and subject to applicable state and federal taxes or into a tax qualified retirement account or plan; and

    (2)

    An option to receive their retirement benefits in accordance with one of the following:

    a.

    Life annuity pursuant to section 32-27;

    b.

    Lump sum;

    c.

    Monthly annuity in accordance with section 32-28; or

    d.

    "Combination" payment: lump sum and monthly annuity.

    (3)

    Payment for unused sick and vacation time, if any, in accordance with the terms of the City Non-Union Handbook and City Council Resolution, payable to the retiree as a lump sum and subject to applicable state and federal taxes or into a tax qualified retirement account or plan; and

    (4)

    Retiree health and life insurance benefits in accordance with the terms of the City Non-Union Handbook and City Council Resolution, provided that the retiree meets any and all of the criteria set forth therein to qualify for such benefits.

(Ord. No. 4, 5-7-2013)