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.
[Adopted 8-11-1997 by L.L. No. 7-1997[1] (Ch. 36, Art. VII, of the 1989 Code)]
[1]
Editor's Note: This local law superseded former Art. VII, Retirement Incentive, adopted 8-28-1995 by L.L. No. 19-1995.
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.