[Adopted 4-12-1995 as L.L. No. 6-1995]
The Town of Tuxedo hereby elects to provide all its eligible employees with a retirement incentive program authorized by Chapter 12, Laws of 1995.
The commencement date of the retirement incentive program shall be June 1, 1995.
The open period during which eligible employees may retire and receive the additional retirement benefit shall be 60 days in length.
The Town of Tuxedo will fund the Retirement Incentive Program provided by Chapter 123, Laws of 1995, by paying to the New York State and Local Employees' Retirement System in five annual payments, the amount of which shall be determined by the Retirement System Actuary, the first payment for which is due December 15, 1996.
This article shall take effect immediately upon filing with the Secretary of State.