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 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.