| March 14, 2018 CUSD BOT Meeting Agenda Item #17- PUBLIC AGENCY RETIREMENT SERVICES (PARS) SUPPLEMENTARY RETIREMENT PLAN FOR TEAMSTERS EMPLOYEES |
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On December 6, 2017 CUSD Trustees Approved of Resolution No. 1718-29 Retirement incentive designed to encourage senior Classified Non-Management Teamsters employees to retire early. The SRP would provide participating employees with a tax-qualified annuity based on total District contributions of 60 percent of their final year salary. This annuity is paid for by the District over a five-year period. The program requires all employees to resign from District employment at the end of the school year, no later than June 30, 2018. Approximately 43 employees are eligible for the offer. 18 Employees have accepted and the District is projected to save: Year 1: $106,662 Over 3 years: $174,301 Over 5 Years: $72,015 Assuming 100% Full - Replacement of Positions.
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| December 6 2017 CUSD BT Meeting Agenda Item #12 RESOLUTION NO. 1718-29, RETIREMENT INCENTIVE FOR CLASSIFIED NON-MANAGEMENT TEAMSTERS 952 EMPLOYEES |
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Board Meeting Agenda page 205 Board Audio
Approval of Resolution No. 1718-29 Retirement incentive designed to encourage senior Classified Non-Management Teamsters employees to retire early. The SRP would provide participating employees with a tax-qualified annuity based on total District contributions of 60 percent of their final year salary. This annuity is paid for by the District over a five-year period. The program requires all employees to resign from District employment at the end of the school year, no later than June 30, 2018. Approximately 43 employees are eligible for the offer.
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