§ 44A-30. Retirement incentive program, Part A.

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A.
The Town of North Hempstead hereby elects to provide all of its eligible employees with a retirement incentive program authorized by Chapter 105, Laws of 2010.

B.
The commencement date of the retirement incentive program shall be September 1, 2010.

C.
The open period, during which eligible employees may retire and receive the additional retirement benefits, shall be 75 days in length.

D.
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.

E.
This act shall take effect on September 1, 2010.

                    
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