[Adopted 9-15-1992 by L.L. No. 11-1992]
The Village of Ossining hereby elects to provide all its eligible employees with a retirement incentive program authorized by Chapter 643 of the Laws of 1992.
The commencement date of the retirement incentive program shall be September 18, 1992.
The open period during which eligible employees may retire and receive the additional retirement benefit shall be 58 days in length, with the last day of the window period to be November 14, 1992.
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.