[Adopted 8-12-1999 by L.L. No. 1-1999]
The Town of North Greenbush hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 70, Laws of 1999.
The commencement date of the retirement incentive
program shall be November 1, 1999.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
61 days in length.
The actuarial present value of the retirement
benefits payable pursuant to the provisions of this article 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 shall be
paid by the Town of North Greenbush for each employee who receives
the retirement benefits payable under this article.
