51 employees to retire this year

By: Melisa Bivian

51 East Los Angeles College employees will be retiring this upcoming June. The Supplementary Retirement Plan passed on Wednesday, May 10 after the Board of Trustees came together with the Public Agency Retirement Services.

On January 11, the board authorized Los Angeles Community College District’s chancellor Francisco C. Rodriguez to enter into an agreement with PARS to create the SRP.

A letter written by chancellor Rodriguez in December said that the Board of Trustees wanted to recognize the employees of the LACCD for their hard work and dedication over the years.

The SRP was offered to district employees that are eligible to retire under the California Public Employees’ Retirement System or the California State Teachers’ Retirement System (CalSTRS).

The CalPERS website states that they manage pension and health benefits for more than 1.6 million California public employees, retirees, and their families. The CalSTRS website provides retirement, disability, and survivor benefits for California’s prekindergarten through community college educators.

District employees who have been part of either retirement system were able to retire before turning 60 years old.

As stated by the chancellor’s letter, the terms and conditions for eligibility to retire are based on CalSTRS or CalPERS requirements.

CalSTRS retirement eligibility states that an employee must be at least 55, with five or more of CalSTRS service credit or be at least 50 with 30 years or more of CalSTRS service credit.

CalPERS retirement eligibility states that an employee must be at least 50 years old with five years or more of service credit. Through the  SRP, employees will be able to retire sooner than they expected.

The SRP states that the district will fund the annuity for each participating employee. Each annuity is to be funded in an amount equal to 75 percent of the participant’s base salary.

Approximately one month after the participant’s resignation from the district, they will receive monthly  or annual installments over a period of five or more years to obtain their annuity.

Financial and organizational goals had to be met in order for the SRP’s approval as seen on the chancellor’s letter.

After working on the SRP agreement for several months, staff realized that by implementing the SRP, the District will in fact meet its financial and organizational goals.

The SRP passed because of the projected fiscal analysis based on enrollment.

The enrollment demonstrated that 1,595 employees in the LACCD are eligible to enroll for the SRP.

There are 364 actual retirements in the district.

participant’s resignation from the district, they will receive monthly or annual installments over a period of five or more years to obtain their annuity.

Financial and organizational goals had to be met in order for the SRP’s approval as seen on the chancellor’s letter.

After working on the SRP agreement for several months, staff realized that by implementing the SRP, the District will in fact meet its financial and organizational goals.

The SRP passed because of the projected fiscal analysis based on enrollment.  The enrollment demonstrated that 1,595 employees in the LACCD are eligible to enroll for the SRP. There are 364 actual retirements in the district.

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