[Adopted 9-3-1998 by L.L. No. 5-1998]
The Town of Philipstown hereby elects to provide all of its eligible
employees with a retirement incentive program authorized by Chapter 47, Laws
of 1998.
The commencement date of the retirement incentive program shall be October
3, 1998.
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 New York State and Local Employees' Retirement
System, and it shall be paid by the Town of Philipstown for each employee
who receives the retirement benefits payable under this article.
This article shall take effect immediately.
