[HISTORY: Adopted by the Common Council of the City of Rensselaer 8-16-1995 by L.L. No. 5-1995. Amendments noted where applicable.]
Personnel policies — See Ch. 33.
The City of Rensselaer hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 12 of the Laws of 1995.
The commencement date of the retirement incentive program shall be September 1, 1995.
The open period during which eligible employees may retire and receive the additional retirement benefit shall be 90 days in length.
The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this chapter shall be funded over a five-year period. The amount of the annual payment in each of the five years shall be determined by the Actuary of the New York State and Local Employees' Retirement System, and it shall be paid by the City of Rensselaer for each employee who received the retirement benefits payable under this chapter.