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Meeting Date:
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4/13/2020 - 7:00 PM
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Category:
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Business/Action Items
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Type:
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Info
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Subject:
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18.1 Informational Review of Potential Partnership with Public Agency Retirement Services (PARS) by Resolution 19/20-48
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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File Attachment:
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Summary:
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The Mt. Diablo Unified School District has worked with Public Agency Retirement Services (PARS) to design a Supplementary Retirement Plan (SRP), which is a retirement incentive that is designed to encourage senior eligible District employees to retire early. The goal of the program is to generate savings, or at a minimum, no cost to the District by increasing the number of retirements in the 2019-20 school year.
As the administrator of the Supplementary Retirement Plan (SRP), PARS will assist the District in the initial design, perform plan communication and enrollment, and conduct all ongoing administration of the program. PARS will create a customized online orientation video to provide a detailed overview of the program for eligible employees and will be available Monday through Friday by phone for questions and additional information throughout the enrollment period. Pacific Life Insurance Company will serve as the plan insurer. Pacific Life is rated A+ (Superior) by A.M. Best.
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Funding:
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Fiscal Impact
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The ultimate savings or cost of the program will be determined based on the actual number of enrolled employees, resulting replacement employee costs, and the number of positions backfilled. A final analysis based on the actual enrolled employees will be presented to the Board after the close of the enrollment window. If the program is unable to demonstrate fiscal savings, the program may be rescinded at no cost to the District.
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Recommendation:
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Information only.
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Approvals:
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Recommended By:
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Signed By:
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Austin Breidenthal - Public Information Officer
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Signed By:
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Robert Martinez - Superintendent
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