Village of Port Chester, NY
Westchester County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Village Board of the Village of Port Chester 8-26-2010 by L.L. No. 8-2010.[1] Amendments noted where applicable.]
[1]
Editor’s Note: This local law also repealed former Ch. 107, Retirement Incentive Program, adopted 9-1-1999 by L.L. No. 14-1999.
The Village of Port Chester hereby elects to provide all of its eligible employees with a retirement incentive program, as authorized by Part A of Chapter 105, Laws of 2010.
The commencement date of the retirement program shall be October 1, 2010.
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 90 days in length, and end on December 29, 2010.
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 Village of Port Chester for each employee who receives the retirement benefits payable under this article.
The Village of Port Chester hereby elects to provide all of its eligible employees with a retirement incentive program, as authorized by Chapter 105, Laws of 2010, Part B.
The commencement date of the retirement program shall be October 1, 2010.
An eligible employee who retires and receives the additional retirement benefits under Part B of Chapter 105 of the Laws of 2010 may not also receive the additional retirement benefits under Part A of Chapter 105 of the Laws of 2010.
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 90 days in length, and shall end on December 29, 2010.
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 Village of Port Chester for each employee who receives the retirement benefits payable under this article.