Village of Rockville Centre, NY Chapter 55 Retirement Incentive

[HISTORY: Adopted by the Board of Trustees of the Village of Rockville Centre 7-15-1991 by L.L. No. 5-1991; amended in its entirety 7-15-1996 by L.L. No. 2-1996. Subsequent amendments noted where applicable.]

GENERAL REFERENCES

Officers and employees — See Ch. 35.

Salaries and compensation — See Ch. 58.

§ 55-1 Program established.

The Village of Rockville Centre/Rockville Centre Community Development Agency hereby elects to provide all its eligible employees with a retirement incentive program authorized by Chapter 30, Laws of 1996.

§ 55-2 Commencement date.

The commencement date of the retirement incentive program shall be October 1, 1996.

§ 55-3 Open period.

The open period during which eligible employees may retire and receive the additional retirement benefit shall be 31 days in length.

§ 55-4 Funding period.

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 and Local Employees' Retirement System, and it shall be paid by the Village of Rockville Centre/Rockville Centre Community Development Agency for each employee who receives the retirement benefits payable under this chapter.