[Adopted 8-5-2002 by L.L.
No. 22-2002]
The City of Beacon hereby elects to provide all of its eligible employees
with a retirement incentive program authorized by Chapter 69, Laws of 2002.
The commencement date of the retirement incentive program shall be November
1, 2002.
The open period during which eligible employees shall choose to participate
and receive the additional retirement benefit shall be 61 days in length commencing
November 1, 2002, and ending December 31, 2002.
The actuarial present value of the additional retirement benefits payable
pursuant to the provisions of this article 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 Beacon.