§ 29-1Retirement incentive authorized; specifications.
§ 29-2Effective date.
The Village of Washingtonville hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 69, Laws of 2002, of the State of New York, and as follows:
The commencement date of the retirement incentive program shall be October 1, 2002.
The open period during which eligible employees may retire and receive the additional retirement benefit shall be 90 days in length.
The actuarial present value of the additional retirement benefits payable pursuant the provisions of this chapter 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 should be paid by the Village of Washingtonville for each employee who receives the retirement benefits payable under this chapter.
This chapter shall take effect after filing with the Secretary of State and on September 1, 2002.