§ 32-37. Retirement Incentive Program.

(a)

The City of Danbury hereby adopts the 2005 Retirement Incentive Program ("Program").

(b)

Those eligible for this Program include only active employees of the City of Danbury who are:

(1)

Participants in the General Employees Pension Plan;

(2)

Who have at least fifteen (15) years of credited service in the pension plan; and

(3)

Are not represented by a union.

The term "credited service" shall be as defined in section 32-22. This Program shall not apply to individuals currently receiving a pension or previously retired under the City Charter or under a current or prior collective bargaining agreement.

(c)

Eligible employees shall elect their participation in the Program no later than March 31, 2006, by submitting a written election to the Director of Finance. Such election to retire under this offering shall be irrevocable after March 31, 2006. The retirement date and the last day of work for individuals so electing shall be:

(1)

Not earlier than May 1, 2006; and

(2)

Not later than June 30, 2006. An employee that has not elected an optional form of benefit within the timeframe specified by section 32-28, and desires to make such an election, must do so within ten (10) days of submitting his election to retire under the terms of this Program.

(d)

An employee who is interested in electing participation in the Program should schedule a personal review meeting with the finance department staff as soon as possible. Although the City will make a reasonable effort to identify and notify all eligible employees, it is ultimately the employee's responsibility to investigate whether they are eligible.

(e)

An employee who retires under this Program shall receive the following benefits: For an employee who, as of June 30, 2006 has or will have:

(1)

Attained age fifty-one (51); and

(2)

Completed at least fifteen (15) years of credited service under the pension plan, the benefit formula will be increased from one and one-half (1½) percent to two (2) percent and there shall be no actuarial reduction for retirement prior to normal retirement age applied to such pension benefit. The applicable actuarial reduction for any optional form of benefit selected by the employee shall apply.

(f)

The City reserves its right to cancel or withdraw this Program for any reason whatsoever, provided the City makes a written election to do so no later than April 30, 2006, and so notifies those who elected to participate in accordance with subsection (c) of this section. In the event that the City cancels or withdraws this Program, an employee who has made an election to participate under subsection (c) of this section shall have the right to withdraw his application for retirement, by written notice to the Director of Finance.

(Code 1961, § 14-15; Ord. No. 586, 1-21-2003; Ord. No. 628, 8-3-2004; Ord. No. 649, 1-19-2006)