Loading...
HomeMy WebLinkAboutBy-law 4757/96 THE CORPORATION OF THE TOWN OF PICI<ERING BY-LAW NO. 4757/96 Being a by-law to authorize the payment of a severance allowance in the nature of an annuity to Michael Laskowski, Survey Supervisor WHEREAS Michael Laskowski is eligible for early retirement and is now considering retirement effective April 30,1996; and WHEREAS, pursuant to the provisions of section 207.45 of the Municipal Act, R.S.O. 1990, chapter M.45, The Corporation of the Town of Pickering wishes to provide a severance allow- ance in the nature of an annuity to Michael Laskowski in order to assist him to take advantage of that eligibility, thereby allowing the Corporation to reduce its expenditures; NOW THEREFORE, the Council of the Corporation of the Town of Pickering HEREBY ENACTS AS FOLLOWS: 1. In the event that Michael Laskowski retires from his employment with The Corporation of the Town of Pickering on or before April 30, 1996, the Corporation shall purchase for him, at a cost not to exceed $20,500, a 15 year guaranteed annuity providing not more than $2,200 annually from and after February 1999 as a severance allowance. 2. The Town Manager is hereby authorized and directed to purchase the annuity referred to in section 1 of this By-law upon the pre-condition set out in that section having been met. BY-LAW read a first, second and third time and finally passed this 18th day of March, 1996. Wayne Arthurs, Mayor Bruce Taylor, Clerk I;\hres\hr 1200\misc\rtc96-04,doc TOWN OF PIC!<.ER~NG LEGAL DEPT.