CHAPTER 90D

RETIREMENT INCENTIVE PROGRAM

§ 90D.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 1996.

§ 90D.2 Commencement date

The commencement date of the retirement incentive program shall be October 3, 1996.

§ 90D.3 Open period

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

§ 90D.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 #8 of the year 1996 enacted on June 19, 1996. Chapter number assigned editorially and Section number prefaced by Chapter number to maintain Code format.

Supp. #1, 8/1/96