The Board of Trustees of the Incorporated Village
of Hempstead, New York, hereby elects to provide all its eligible
employees with a retirement incentive program authorized by Chapter
665, Laws of 1984.
The actuarial present value of the additional retirement
benefits payable pursuant to the provisions of this article 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 Incorporated Village of Hempstead, New York, for each employee
who received the retirement benefits payable under this article.