The Town of Crawford hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter
69, Laws of 2002, of the State of New York, and as follows:
A. The commencement date of the retirement incentive program
shall be October 7, 2002.
B. The open period during which eligible employees may retire
and receive the additional retirement benefit shall terminate on December
31, 2002.
C. The actuarial present value of the additional retirement
benefits payable pursuant to the provisions of this chapter shall be paid
as one lump sum or in five annual installments. The amount of the annual payment
shall be determined by the Actuary of the New York State and Local Employees'
Retirement System, and it should be paid by the Town of Crawford for each
employee who receives the retirement benefits payable under this chapter.