[Adopted 8-26-1997 by L.L. No. 19-1997]
The Town Board of the Town of North Hempstead, New York, hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 41, Laws of 1997.
The commencement date of the retirement incentive
program shall be October 3, 1997.
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
90 days in length.
The actuarial present value of the additional
retirement benefits payable pursuant to the provisions of this local
law 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 local law.
