[HISTORY: Comes from L.L.
No. 27-1999, adopted 7-6-1999, effective 7-6-1999.[1]]
[1]
Editor's Note: This local law also repealed former Ch.
48, Retirement Incentive Program, adopted 6-5-1996 by L.L. No. 35-1996.
The Town of Hempstead hereby elects to provide its eligible employees with a retirement incentive program authorized by Chapter 70, Laws of 1999, for eligible employees of the Town of Hempstead.
The commencement date of the retirement incentive program shall
be the seventh day of July 1999.
The open period, during which eligible employees may retire
and receive the additional retirement benefit, shall be from the seventh
day of July 1999, through, up to and including the sixth day of August
1999.
The actuarial present value of the additional retirement benefits
payable pursuant to the provisions of this chapter shall be funded
over a five-year period. The amount of the annual payment in each
of the five years shall be determined by the actuary of the New York
State Employees' Retirement System, and it shall be paid by the
Town of Hempstead for each employee who received the retirement benefits
payable under this chapter.
