SUPPLEMENTARY RETIREMENT PLAN FY20-21


ANNOUNCEMENT

In recognition of the valued years of service provided by our employees to the Los Angeles Community College District (LACCD), the Board of Trustees is exploring offering a Supplementary Retirement Plan (SRP) to District employees who are eligible to retire under CalPERS or CalSTRS. The SRP serves to assist employees with their retirement planning by providing supplemental income.

The Board of Trustees approved resolution in support of exploring the SRP at their September 2, 2020, meeting. The resolution authorizes the District to further explore the feasibility of offering the program during the 2020/21 fiscal year.

If the SRP is ultimately offered, the District will contribute as supplemental income 65% of your final annual base pay. The 65% value of one year of your final annual base pay will purchase an annuity that will pay out over five years or more in equal monthly payments. Each eligible employee will receive a Benefit Illustration outlining the monthly annuity payment options from which to consider.

 

Please note that Retirement under CalSTRS or CalPERS is not required for SRP eligibility.

 

Should the plan meet the financial and organizational goals of the District, Administration will present the SRP document and plan to the Board on November 4, 2020, for final approval. The Board can then accept or reject the proposed SRP.

 

View the online SRP orientation by visiting https://qrco.de/LACCD. The presentation is designed to answer questions about the SRP.

If you have questions about the SRP, please contact the Public Agency Retirement Services (PARS) at (800) 731-7884 or via email at plansupport@pars.org.

 

The SRP Enrollment Deadline is 5:00PM on Monday, October 26, 2020.

 

SRP OVERVIEW

 

The eligibility requirements are listed below:

 

1.     Be a full-time Academic Faculty, Academic Administrator, Academic Supervisor, Represented Classified (Clerical/Technical, Operations, Crafts and Supervisors), Classified Confidential, or Classified Manager who is employed by the District as of September 2, 2020

2.    Have completed at least five (5) full years of District service as of December 31, 2020 (if resigning from District employment effective no later than December 31, 2020) or June 30, 2021 (if resigning from District employment effective no later than June 30, 2021)

                    ·    Full year of service is defined by 1.0 FTE and fulfillment of                           their contractual obligation for the 2020-2021 academic year

3.     Are 1.0 FTE

4.     Are eligible to retire under CalSTRS (fifty-five (55) years of age with five (5) years of CalSTRS service or fifty (50) years of age with thirty (30) years of CalSTRS service) or CalPERS (fifty (50) years of age with five (5) years of CalPERS service) as of December 31, 2020 (if resigning from District employment effective no later than December 31, 2020) or June 30, 2021 (if resigning from District employment effective no later than June 30, 2021).

·       Retirement under CalSTRS or CalPERS is not required for SRP eligibility.

5.     Complete either the 2020-2021 Fall Semester (if resigning from District employment effective no later than December 31, 2020) or the 2020-2021 Academic Year (if resigning from District employment effective no later than June 30, 2021)

6.     Submit all required SRP enrollment materials, District Resignation Form (HR-P-310), and Acknowledgement Form to the PARS office no later than October 26, 2020 by 5:00PM.

7.     Have resigned from District employment effective no later than December 31, 2020 or June 30, 2021.

 

Part-time employees and employees who have already separated from the District are not eligible to participate in the SRP. SRP eligibility and SRP benefit amounts will ultimately be determined based on the provisions of the SRP and will be verified by the District of all relevant assumptions. If it is determined that you do not meet any one of the eligibility requirements, you will be notified of the ineligibility.

 


FAQs - 9-11-2020.pdfFAQs - 9-11-2020.pdf

BOT Sep 2, 2020 - Agenda Item Z.2.pdfBOT Sep 2, 2020 - Agenda Item Z.2.pdf​​


ADDITIONAL RESOURCES

If have specific questions on retiree medical/dental/vision benefits, you may contact the Health Benefits Unit 

Due to public health crisis, the toll-free 888 number is not operational. For the quickest response to your questions, please send an email to Healthbenefits@email.laccd.edu.

You may also leave a message at the numbers below; please choose the number corresponding to the first letter of your last name:

A-I please call 213-891-2382

J-M please leave a message at 213-891-2198

N-Z please call 213-891-2023

 ​

If you have questions for CalSTRS or CalPERS, contact information is provided below for your convenience:

 

Cal

STRS:      www.calstrs.com           (800) 228-5453  

 

Cal

Pers:       www.calpers.ca.gov    (888) 225-7377

 

 

Also, to contact Social Security to determine your benefits under Social Security and Medicare call (800) 772-1213 or go to www.ssa.gov.​​​​​​​​​​