[Adopted 8-14-1991 by L.L. No. 1-1991]
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.