CHAPTER 90C

RETIREMENT INCENTIVE PROGRAM

§ 90C.1 Retirement Incentive For Employees

The Incorporated Village of Mineola hereby elects to provide all its eligible employees with a retirement program authorized by Chapter 12 of the Laws of 1995 as amended.

§ 90C.2 Commencement date

The commencement date of the retirement incentive program shall be September 15, 1995.

§ 90C.3 Open period

The open period during which eligible employees may retire and receive the additional retirement benefit shall be sixty (60) days in length.

§ 90C.4. Funding

The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this local 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 Incorporated Village of Mineola for each employee who receives the retirement benefits payable under this local law.

HISTORICAL NOTE

This Chapter was adopted by Local Law #5 of the year 1995 enacted on August 23, 1995, effective immediately upon filing in the office of the Secretary of State. Chapter number assigned, Section number prefaced by chapter number and catchlines added editorially to maintain Code format.

Supp. #1, 8/1/96