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Meeting Date:
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Category:
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Type:
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Subject:
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18.1 Review and Potential Approval of PARS (Public Agency Retirement Services) Supplementary Retirement Plan |
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LCAP (Local Control Accountability Plan) Goal:
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Goal 1: All students will receive a high quality education in a safe and welcoming environment with equitable and high expectations, access to technology, and instruction in the California State Standards that prepare them for college and career.
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Enclosure:
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MDUSD PARS Presentation
Summary Report & Additional Materials |
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File Attachment:
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Summary:
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MDUSD had initially contemplated granting PARS Supplementary Retirement Plan to all employees at the May 28, 2020 board meeting. Following careful consideration of the fiscal implications of the PARS supplementary retirement plan offering, which closed on May 27, 2019, administration is recommending a select subset of the eligible applicants for approval and implementation. These three groups generate mutual benefit to themselves and MDUSD. All other groups generate a negative fiscal impact to MDUSD and therefore can not be recommended.
The following will be granted PARS effective with Board approval:
Certificated Non-Management - 84 employees
Classified Non-Management - 67 employees
Clerical/Secretarial/Technical - 37 employees
The net savings to MDUSD for granting PARS to these three groups is $1.7M in 20/21, and incrementally decreasing amounts in the subsequent 4 years, provided MDUSD only replaces 85% of all participants.
Administration is recommending approval of PARS for the Certificated Non-Management, Classified Non-Management, and Clerical/Secretarial/Technical. |
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Funding:
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Fiscal Impact: |
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$1,700,000 for the 20/21 School Year |
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Recommendation
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Move to Approve PARS Supplementary Retirement Plan |
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Approvals:
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Recommended By: |
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Signed By: |
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Niccole Helton - Administrative Assistant |
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Signed By: |
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Dr. Lisa Gonzales - Chief Business Officer |
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Signed By: |
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Cesar Alvarado - General Counsel |
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Signed By: |
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Robert Martinez - Superintendent |
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