[Adopted 9-21-1992 by L.L. No. 4-1992]
The City of New Rochelle 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 October 1, 1992.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
75 days.
The actuarial present value of the additional
retirement benefits payable pursuant to the provisions of this article
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 City of New Rochelle for each employee who
receives the retirement benefits payable under this article.
This article shall take effect immediately and
shall be filed with the Employees' Retirement System within seven
days of enactment and, in accordance with § 27 of the Municipal
Home Rule Law, filed with the Secretary of State within 20 days of
enactment.
