[Adopted 7-17-1991 by L.L. No. 5-1991]
The Village of Ossining hereby elects to provide all its eligible employees with a retirement incentive program authorized by Chapter 178, Laws of 1991.
The commencement date of the retirement incentive
program shall be July 17, 1991.
[Amended 8-20-1991 by L.L. No. 9-1991]
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
53 days in length.
The actuarial present value of the additional
retirement benefits payable pursuant to the provisions of this local
law shall be funded over a five-year period. The amount of the annual
payment in each of the five years 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 Ossining for each employee who
received the retirement benefits payable under this local law.
