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.