[HISTORY: Adopted by the Council of the City of Beacon as indicated in article histories. Amendments noted where applicable.]
[Adopted 8-5-2002 by L.L. No. 22-2002]
Editor's Note: This local law superseded former Art. I, Retirement Incentive, adopted 8-30-1999 by L.L. No. 16-99.
The City of Beacon hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 69, Laws of 2002.
The commencement date of the retirement incentive program shall be November 1, 2002.
The open period during which eligible employees shall choose to participate and receive the additional retirement benefit shall be 61 days in length commencing November 1, 2002, and ending December 31, 2002.
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 City of Beacon.