SUPPLEMENTARY RETIREMENT PLAN
Extension of Incentive
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 EXTENDING the SRP at their March 17, 2020, meeting. The
resolution authorizes the District to further extend offering the program
and re-open the June 30, 2021 window, and open a new window for December 31,
2021.
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 or about May 5, 2020, for final approval. The Board can then accept or reject the
proposed SRP.
As soon as available and
on-line presentation will be made available on this webpage. The presentation will
be 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 Tuesday, April 27, 2021.
SRP Eligibility
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 March 17, 2021
2.
Are 1.0 FTE
3.
Have completed at least five (5) full years of District service in
a full-time assignment as of June 30, 2021 (if resigning from District
employment effective no later than June 30, 2021) or December 31, 2021 (if
resigning from District employment effective no later than December 31, 2021)
o Full
year of service is defined by 1.0 FTE and fulfillment of their contractual
obligation for the 2020-2021 academic year
o Service time in a temporary assignment may not
count toward District service
4.
Are eligible to retire under CalSTRS (age 55 with 5 years of
CalSTRS service credit or age 50 with 30 years of CalSTRS service credit) or
CalPERS (age 50 with 5 years of CalPERS service credit) as of June 30, 2021 (if
resigning from District employment effective no later than June 30, 2021) or
December 31, 2021 (if resigning from District employment effective no later
than December 31, 2021)
o Retirement
under CalSTRS or CalPERS is not required for SRP 2 eligibility
5.
Complete either the 2020-2021 Academic Year (if resigning from
District employment effective no later than June 30, 2021) or the 2021-2022
Fall Semester (if resigning from District employment effective no later than
December 31, 2021)
6.
Submit all required SRP 2 enrollment materials, District
Resignation Form (HR-P-310), and Acknowledgement Form to the PARS office
between April 5, 2021 and April 27, 2021 by 5:00PM
7. Have resigned from District employment
effective no later than June 30, 2021 or December 31, 2021
Pertinent Documents
BOARD ACTION ON SRP 2 Approval.pdf
SRP 2 FAQs.pdf
ADDITIONAL RESOURCES
If have specific questions on
retiree medical/dental/vision benefits, you may contact the Health
Benefits Unit
Please direct your inquiries by
sending an email to healthbenefits@email.laccd.edu
General information
for retiree health plans and costs are found here:
https://www.calpers.ca.gov/page/retirees/health-and-medicare/retiree-plans-and-rates
Note: District telephone numbers are non-operational at this time, and staff
you may have worked with in the past have been reassigned, so please do not
send email to individuals, only to the Health Benefits email above.
If you have questions for CalSTRS or CalPERS,
contact information is provided below for your convenience:
CALSTRS www.calstrs.com (800) 228-5453
CALPERS 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.