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.pdf
BOT 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.