[Adopted 8-24-2010 by L.L. No. 10-2010[1]]
[1]
Editor's Note: This local law was adopted as Art. VII of Ch. 24, but was redesignated in order to maintain the organization of the Code.
A. 
The Town of North Hempstead hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 105, Laws of 2010.
B. 
The commencement date of the retirement incentive program shall be September 1, 2010.
C. 
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 75 days in length.
D. 
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 North Hempstead for each employee who receives the retirement benefits payable under this article.
E. 
This act shall take effect on September 1, 2010.
A. 
The Town of North Hempstead hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 105, Laws of 2010.
B. 
The commencement date of the retirement incentive program shall be October 1, 2010.
C. 
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 90 days in length and shall end on December 29, 2010.
D. 
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 North Hempstead for each employee who receives the retirement benefits payable under this article.
E. 
This act shall take effect on September 1, 2010.
Eligible employees electing to participate in either Part A or Part B of the retirement incentive described herein shall receive payment for any accrued time to which they are entitled according to the following schedule:
A. 
One-third of the total during the second pay period following their actual retirement date.
B. 
One-third during the 14th pay period of 2011.
C. 
One-third during the 14th pay period of 2012.