CHAPTER 90E*

RETIREMENT INCENTIVE PROGRAM

§ 90E.1 The Election

The Incorporated Village of Mineola hereby elects to provide all of its eligible employees with a retirement program authorized by Chapter 41 of the Laws of 1997.

§ 90E.2 The Commencement date

The commencement date of the retirement incentive program shall be October 3, 1997. [Amd. LL #12, 97, 12/3/97; filed OSS 12/24/97.]

§ 90E.3 The Open period

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

§ 90E.4 The Benefits

The actuarial present value of the additional retirement benefits payable pursuant to the provisions of this local law shall be funded over a five (5) year period. The amount of the annual payment in each of the five (5) years shall be determined by the Actuary of the 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.

§ 90E.5 Effective Date

This local law shall take effect immediately upon being filed with the Secretary of State.

HISTORICAL NOTE

This Chapter was adopted by Local Law #9 of the year 1997 on September 3, 1997, which was filed in the Officer of the Secretary of State on September 11, 1997 and was amended by LL #12, 97, 12/3/97, changing commencement date to 10/3/97. Chapter number assigned editorially; likewise section numbers have been prefaced by Chapter numbers; otherwise Chapter is exactly as amended by LL #12, 97.

*Chapter enacted by LL #9, 97, 9/3/97, and by LL #12, 97, 1l2/3/97; filed OSS 12/24/97.

Supp. #3, 11/3/98