The Village of Rye Brook hereby elects to provide
all its eligible employees with a retirement incentive program authorized
by Chapter 178, Laws of 1991.
The commencement date of the retirement incentive
program shall be December 2, 1991.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
30 days in length.
The actuarial present value of the additional
retirement benefits payable pursuant to the provisions of this article
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 Village of Rye Brook for each employee who
receives the retirement benefits payable under this article.