[Adopted 8-29-2000 by L.L. No. 12-2000]
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 86, Laws of 2000.
The commencement date of the retirement incentive
program shall be August 28, 2000.
[Amended 9-19-2000 by L.L. No. 14-2000]
The open period during which eligible employees
may retire and receive the additional retirement benefit shall be
61 days in length.
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.
