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June 2, 2020:
The SMC Board of Trustees unanimously approved the final list of full and part-time employees who applied for the "Golden Handshake".
Congratulations to all our colleagues! Thank you for your service and we wish you well as you move onto your next adventures. Keep in touch!
May 10, 2020:
The enrollment period for the Supplemental Retirement Plan has closed and the number of faculty signing up for it is more than 60.
Current estimates of the savings for the college are around $1,750,000 for the 2020-21 year, with similar savings for future years possible.
The Board of Trustees will decide whether to proceed at their June 2, 2020 meeting, but given the savings and their fiduciary duties, I believe they will pass it.
March 18, 2020:
The "Supplemental Retirement Plan" or "SRP" is still moving ahead for all eligible faculty, full and part-time.
Lowering of long-term interest rates has led to a slight lowering of projected payouts, by no more than a few tens of dollars per month.
The adjustment to include the 2.5% raise ratified this month still has to be made.
Neither of the above two corrections should be sufficient for you to change your mind about whether this is appropriate for you.
February 13, 2020:
The SMC Faculty Association and Santa Monica Community College District have entered into a Memorandum of Understanding (MOU) agreeing to offer a "Supplemental Retirement Plan" or "SRP" (also often known as a "Golden Handshake") to faculty members who meet certain eligibility requirements.
** BOTH FULL-TIME AND PART-TIME FACULTY MEMBERS ARE ELIGIBLE FOR THIS RETIREMENT INCENTIVE PLAN **
** BOTH FULL-TIME AND PART-TIME FACULTY MEMBERS ARE ELIGIBLE FOR THIS RETIREMENT INCENTIVE PLAN **
As with any decision that affects one's employment status and retirement, your own specific situation may or may not make this choice a good one for you. The eligibility requirements, details of the plan, timeline, and other important features are described in the MOU below.
The broad strokes of the plan and how it will be implemented are as follows:
The benefit to enrollees in the SRP will be:
75% of their 2019 SMC earnings for part-time faculty members
75% of their 2019-2020 salary for full-time faculty members
The SMC board of trustees approved offering the SRP at their March 3, 2020 board meeting.
Next, the Human Resources department of SMC, along with the third party administrator, "PARS", will contact eligible faculty members and offer educational workshops.
Any faculty member who wishes to take the SRP must have all required paperwork submitted and received by PARS by 5:00 pm on May 1, 2020.
If a faculty member decides to rescind their request to take the SRP, the request must be made by 5:00 pm on May 10, 2020. After that time, their resignation from SMC will be irrevocable.
The SMC board of trustees will decide at their June 2, 2020 board meeting whether to approve the SRP, based upon the financial savings to the district.
If the SRP is approved, enrolled faculty members must resign or retire from the district on or before June 30, 2020. If the SRP is not approved, then any faculty member who submitted retirement paperwork will have the opportunity to withdraw their application.
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