SUPPLEMENTARY RETIREMENT PLAN

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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.

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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.

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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.

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The SRP Enrollment Deadline is 5:00PM on?Tuesday, April 27, 2021.

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SRP Eligibility

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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?

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Pertinent Documents

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BOARD ACTION ON SRP 2 Approval.pdfBOARD ACTION ON SRP 2 Approval.pdf

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SRP 2 FAQs.pdfSRP 2 FAQs.pdf

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ADDITIONAL RESOURCES

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

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Please direct your inquiries by sending an email to? healthbenefits@email.laccd.edu

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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.

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

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?CALSTRS? ? ?www.calstrs.com?????????(800) 228-5453


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?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.??????????

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