The Village of Port Chester hereby elects to provide all of
its eligible employees with a retirement incentive program, as authorized
by Part A of Chapter 105, Laws of 2010.
The commencement date of the retirement program shall be October
1, 2010.
The open period, during which eligible employees may retire
and receive the additional retirement benefits, shall be 90 days in
length, and end on December 29, 2010.
The actuarial present value of the additional 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
Village of Port Chester for each employee who receives the retirement
benefits payable under this article.
The Village of Port Chester hereby elects to provide all of
its eligible employees with a retirement incentive program, as authorized
by Chapter 105, Laws of 2010, Part B.
The commencement date of the retirement program shall be October
1, 2010.
An eligible employee who retires and receives the additional
retirement benefits under Part B of Chapter 105 of the Laws of 2010
may not also receive the additional retirement benefits under Part
A of Chapter 105 of the Laws of 2010.
The open period, during which eligible employees may retire
and receive the additional retirement benefits, shall be 90 days in
length, and shall end on December 29, 2010.
The actuarial present value of the additional 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
Village of Port Chester for each employee who receives the retirement
benefits payable under this article.