[HISTORY: Adopted by the Board of Trustees of the Village of Manorhaven 9-15-1992 by L.L. No. 5-1992 (superseding former Ch. 17, Retirement Incentive Program, adopted 7-25-1985 by L.L. No. 2-1985). Amendments noted where applicable.]
The Incorporated Village of Manorhaven hereby elects to provide all of 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 3, 1992.
The open period during which eligible employees may retire and receive the additional retirement benefit shall be 90 days in length.
The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this chapter 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 Incorporated Village of Manorhaven for each employee who receives the retirement benefits payable under this chapter.