[Adopted 4-12-1995 as L.L. No. 6-1995]
The Town of Tuxedo hereby elects to provide
all its eligible employees with a retirement incentive program authorized
by Chapter 12, Laws of 1995.
The commencement date of the retirement incentive
program shall be June 1, 1995.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
60 days in length.
The Town of Tuxedo will fund the Retirement
Incentive Program provided by Chapter 123, Laws of 1995, by paying
to the New York State and Local Employees' Retirement System in five
annual payments, the amount of which shall be determined by the Retirement
System Actuary, the first payment for which is due December 15, 1996.
This article shall take effect immediately upon
filing with the Secretary of State.
