FT Faculty SRP FAQ

**THIS SUPPLEMENTAL RETIREMENT PLAN WAS IMPLEMENTED IN FALL 2017**

  • How much is the "Golden Handshake"?
      • 75% of the employee's 2017-2018 annual salary, payable as an annuity over no less than 5 years.
  • What are the specific requirements to be eligible for the SRP?
  • Can the SRP be set up to pay my spouse or other beneficiary if I die?
      • Yes. If this is important for you, make sure that this is part of the pay-out plan you choose.
  • What happens to my "banked hours" if I decide to take the SRP?
      • All unused "banked hours" will be paid out in your final paycheck at the overload hourly rate of approximately $65 per hour (depending on your years of service and qualifications).
      • If you have a full semester banked (= 15 LHE), this is equivalent to 270 hours of paid time which is approximately $17,500.
      • 1.0 LHE = 18 hours which would be roughly $1200.
  • What happens to my sick leave if I decide to take the SRP?
      • Unused sick leave is able to be converted to CalSTRS "retirement service credit" at the rate of 175 sick days = 1 year of service credit
  • Will I still be eligible for retiree health benefits if I take the SRP?
      • Yes. The retiree health benefits are exactly the same as if you retired without taking the SRP.
  • What is the deadline for filing documentation to participate in the SRP?
      • All enrollment papers must be received in the Office of Human Resources by 5:00 p.m. on October 27, 2017.
  • Can I change my mind after I file my paperwork?
      • Yes. 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.
  • Can the date for the SRP be delayed until June 2018? I would feel much less rushed in making my decision.
      • The Board of Trustees accepted the administration's recommendation that the SRP be offered in December 2017 so that budgetary savings could be realized in the 2017-18 fiscal year. The Faculty Association agreed to that date because the district was unwilling to offer the incentive at a later date and we believed there would still be many members who could benefit from this, even at such short notice. Human Resources will be working very hard coordinating workshops and information sessions to help you be able to make an informed decision.
  • Might another SRP be offered in June 2018?
      • The district has not indicated that they would be willing to consider another SRP that quickly. (It has been about 10 years since the last time they agreed to offer an early retirement incentive.)
  • If I retire, will I have the right to come back and teach part-time in my department?
      • Although many of our colleagues do return and teach part-time at SMC after their retirement, there is no contractual right to classes. If all full-time faculty members and all Associate Faculty members have their contractual assignments met, department chairs are free to offer any remaining sections to whomever they deem will best meet the needs of the students in their programs.