The Village of Southampton hereby elects to provide all of its eligible
employees with a retirement incentive program authorized by Chapter 69, Laws
of 2002.
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 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 Southampton for
each employee who receives the retirement benefits payable under this article.