[HISTORY: Adopted by the Council of the City of Rye 8-14-2002 by L.L. No. 7-2002. Amendments noted where applicable.]
The City of Rye hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 69, Laws of 2002, State of New York.
The commencement date of the retirement incentive program shall be September 1, 2002.
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 paid as one lump sum, or in five annual installments. The amount of the annual payment 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 Rye for each employee who receives the retirement benefits payable under this chapter.