Agenda Item
Meeting Date: 5/11/2020 - 7:00 PM
Category: Recognitions and Resolutions
Type: Action
Subject: 12.6 Review and Potential Approval of Resolution 19/20-48: Partnership with Public Agency Retirement Services (PARS)
LCAP (Local Control Accountability Plan) Goal:
Policy:
Enclosure:
File Attachment:
PARS SRP Overview.pdf
Sample Administrative Services Agreement.pdf
Resolution 19-20 (#48) Adoption of Public Agency Retirement Services Supplementary Retirement Plan.pdf
Summary: 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.
Funding:
Fiscal Impact 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 If the program is unable to demonstrate fiscal savings, the program may be rescinded at no cost to the District.
Recommendation: Approve Resolution 19/20-48 Adoption of Public Agency Retirement Services Supplementary Retirement Plan
Approvals:
Recommended By:
Signed By:
Austin Breidenthal - Communications Specialist
Signed By:
Dr. Robert Martinez - Superintendent