CHAPTER 90

RETIREMENT INCENTIVE FOR CERTAIN EMPLOYEES

§ 90.1 Retirement Incentive For Certain Employees

A. Election to provide retirement incentive program.

The Village of Mineola hereby elects to provide all its eligible employees with a retirement incentive program authorized by Chapter 178, Laws of 1991 as adopted by the State of New York.

B. Commencement date.

The commencement date of the retirement incentive program shall be October 2, 1991.

C. Open period.

The open period during which eligible employees may retire and receive the additional retirement benefit shall be ninety (90) days in length.

D. Funding.

The actuarial present value of the retirement benefits payable pursuant to the provisions of this law 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 New York State and Local Employees Retirement System, and it shall be paid by the Village of Mineola for each employee who receives the retirement benefits payable under this local law.

HISTORICAL NOTE

This Chapter is a revision of Local Law # 9 of the year 1991, enacted on August 15, 1991. The Chapter number was changed to fit into the new Code format.

References:

Forfeiture of benefits. L 1991, c. 178, § 9 provides:

"§ 9. Any eligible employee who retires pursuant to the provisions of this act and enters or reenters public service as defined in subdivision e of section 210 of the retirement and social security law and joins or rejoins any public retirement system of the state as defined in subdivision 6 of section 152 of the retirement and social security law or elects to participate in an optional retirement program shall if the additional benefit was provided pursuant to: (i) subdivision a of section five of this act, forfeit the additional benefit authorized by this act at the time of his or her subsequent retirement; or (ii) subdivision b of section five of this act, repay to the state or participating employer such additional contribution together with the appropriate interest as determined by the state comptroller."