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.