The Village of Endicott hereby elects to provide all of its eligible
employees with a retirement incentive program authorized by Chapter 41, Laws
of 1997, of the State of New York.
The commencement date of the retirement incentive program shall be August
25, 1997.
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 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 State of New York and local employees retirement
system, and it shall be paid by the Village of Endicott for each employee
who receives the retirement benefits payable under this article.