[Added 8-25-1997 by L.L. No. 1-1997]
The City of Schenectady hereby elects to provide
all of its eligible employees with a retirement incentive program
authorized by Chapter 41 of the Laws of 1997.
The commencement date of the retirement incentive
program shall be 47 days, from September 15, 1997, to and including
October 31, 1997.
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 Employee's Retirement System, and it
shall be paid by the City of Schenectady for each employee who receives
the retirement benefits payable under this article.
