2017 Supplemental Retirement Plan Information - Full-time Faculty

More Detailed Information

To be eligible for the SRP, the faculty member shall:

    1. Be employed in paid status as of December 1, 2017, as a full-time faculty member.
    2. Be at least 55 years of age with 5 or more years of continuous district service as of December 31, 2017.
    3. Retire from district employment on or before December 31, 2017.
    4. Retire from STRS/PERS on or before December 31, 2017.
    5. Submit resignation/retirement papers and completed SRP enrollment package by 5:00 p.m. on October 27, 2017.

The SRP benefit shall be 75% of the faculty member’s 2017-18 annual salary, paid through an annuity plan with distribution options to include:

    1. Monthly cash payments for the participant’s lifetime.
    2. Reduced joint and survivor monthly payments paid for the participant’s lifetime and beneficiary’s lifetime.
    3. Modified monthly cash payments paid for the greater of 10 years or the participant’s lifetime.
    4. Higher, fixed period payments based on the present value of the unmodified benefit, paid monthly for a fixed number of years ranging from 5 to 15 years.

The specific details of the SRP shall be designed and implemented by PARS (Public Agency Retirement Services) consistent with this agreement.

The process for SRP shall be as follows:

    1. Enrollment window will open on September 1, 2017.
    2. Enrollment packets will be mailed to eligible employees on or before September 1, 2017.
    3. Group orientation meetings will be held starting the week of September 18, 2017
    4. Individual enrollment workshops will be held starting the week of October 16, 2017
    5. Enrollment window closes on October 27, 2017. All enrollment papers must be received in the Office of Human Resources by 5:00 p.m. on October 27, 2017.
    6. The District shall provide cumulative enrollment totals to the FA on October 13, 2017, October 20, 2017, and November 3, 2017.
    7. The final date for an employee to revoke resignation/retirement and SRP enrollment is 5:00 p.m. on November 6, 2017. Revocations must be received in the Office of Human Resources by 5:00 p.m. on November 6, 2017.
    8. Based on enrollments received and the cost-benefit analysis associated with them, the Board of Trustees shall decide whether to go forward with the SRP in November 2017. The District must show significant monetary savings for the SRP to be implemented.
    9. Following action by the Board of Trustees, letters will be mailed regarding the Board’s decision to all employees who submitted SRP enrollments.
    10. All employees who participate in the SRP shall resign irrevocably and will have no right to return to their positions or any other permanent positions in the District. In accepting the SRP, the employee shall commit not to apply for any permanent position in the District.