[Adopted 5-4-1995 by L.L. No. 3-1995]
The Town of Philipstown hereby elects to provide all of 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 90 days in length.
[Amended 12-7-1995 by L.L. No. 6-1995; 12-7-1995
by L.L. No. 7-1995]
The employer will fund the retirement incentive program provided by
Chapter 12, Laws of 1995, by paying to the New York State and Local Employees'
Retirement System in five annual payments, the amount of which will be determined
by the Retirement System Actuary, the first payment for which is due December
15, 1996.
This article shall take effect May 5, 1995.
