FAQs Regarding PARS and Retirement 2013 · Is it true that if the District goes to 30 to 1 in K-3...
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FAQs Regarding PARS and Retirement 2013 1. What is the PARS Supplemental Early Retirement Incentive? The PARS Supplemental Early Retirement Incentive offers fifty percent (50%) of Final Pay for eligible employees in CSEA, GT A, or GSMA who retire from District service before June 30, 2013. Eligible employees must be 55 or older if Certificated and 50 or older if Classified, must have completed at least five (5) years of District service on or before June 30, 2013, and must retire under STRS or PERS (ifPERS eligible). 2. If I am over 61.5, am I still eligible for the PARS Supplemental Incentive? Yes, all employees age 55 and older who meet the requirement are eligible. CSEA members who are age 50 and older are also eligible for the PARS Supplemental Incentive. 3. If I retire under PARS, do I also qualify for the currently negotiated Early Retirement Option (District paid health benefits until the age of 65, and for Certificated up to 25 days of Post-Retirement District Employment Option). Not necessarily. To qualifY for the currently negotiated Early Retirement Option, an employee must have completed at least ten (10) years of regular full-time District service and be between the ages of 55 and 65 years old. Please read your respective Collective Bargaining Agreements on this issue. Certificated: Article 15 - Early Retirement, Classified: Article 10 - Health and \Velfare Benefits, Section 4. 4. If I am a teacher and am interested in the Post-Retirement District Employment Option, what should I do? You must complete a District regular Resignation Form and turn it in to Human Resources on or before June 1,2013 per the Collective Bargaining Agreement. 5. By when must I submit retirement paperwork to be able to participate in PARS? All applications must be submitted to PARS by Monday, February 1,2013 in order to be able to participate in the PARS Supplemental Incentive. This time limitation is
Transcript of FAQs Regarding PARS and Retirement 2013 · Is it true that if the District goes to 30 to 1 in K-3...
FAQs Regarding PARS and Retirement 2013
1. What is the PARS Supplemental Early Retirement Incentive?
The PARS Supplemental Early Retirement Incentive offers fifty percent (50%) of Final Pay for eligible employees in CSEA, GTA, or GSMA who retire from District service before June 30, 2013. Eligible employees must be 55 or older if Certificated and 50 or older if Classified, must have completed at least five (5) years of District service on or before June 30, 2013, and must retire under STRS or PERS (ifPERS eligible).
2. If I am over 61.5, am I still eligible for the PARS Supplemental Incentive?
Yes, all employees age 55 and older who meet the requirement are eligible. CSEA members who are age 50 and older are also eligible for the PARS Supplemental Incentive.
3. If I retire under PARS, do I also qualify for the currently negotiated Early Retirement Option (District paid health benefits until the age of 65, and for Certificated up to 25 days of Post-Retirement District Employment Option).
Not necessarily. To qualifY for the currently negotiated Early Retirement Option, an employee must have completed at least ten (10) years of regular full-time District service and be between the ages of 55 and 65 years old. Please read your respective Collective Bargaining Agreements on this issue. Certificated: Article 15 - Early Retirement, Classified: Article 10 - Health and \Velfare Benefits, Section 4.
4. If I am a teacher and am interested in the Post-Retirement District Employment Option, what should I do?
You must complete a District regular Resignation Form and turn it in to Human Resources on or before June 1,2013 per the Collective Bargaining Agreement.
5. By when must I submit retirement paperwork to be able to participate in PARS?
All applications must be submitted to PARS by Monday, February 1,2013 in order to be able to participate in the PARS Supplemental Incentive. This time limitation is
necessary to allow for a final staffing analysis that must occur prior to any reduction notices being distributed by March 15, 2013.
6. Is it true that if I am an elementary teacher and I retire, I may save a younger elementary teacher from a lay-off?
Yes indirectly, the District may need to reduce staffing at the elementary level. If that target is not met through retirement the District may need to prepare to make reductions through the Reduction In Force process.
7. Is it true that if the District goes to 30 to 1 in K-3 for 2013-14 school year, we will be overstaffed by over 75 elementary teachers?
Yes, if the District goes to 30 to 1 we will be overstaffed by over 75 elementary teachers. If we cannot reach this number through retirement or attrition, the District may need to prepare to make reductions through the Reduction In Force process.
8. If I wait until after the February 1, 2013 deadline and then decide to retire, will I be eligible to the same benefits of retirement as those who su bmitted their paperwork by the February 1, 2013 deadline?
No, the PARS program will not be available to individuals who give notification of their retirement after February 1, 2013.
9. Is there still time to meet with the STRS/PERS representative before the February 1, 2013 deadline?
That mayor may not be possible, but please contact the STRS office at 818-228-5453 to make an appointment or to ask specific individual questions. If there is not time for a meeting, the STRS retirement calculator on the STRS web page could be utilized to give certificated employees a basic idea of what their STRS retirement benefit would be if they were to retire. Classified employees can contact the PERS office at phone number 888-225-7377.
STRS retirement calculator: htt :llw w.calstrs.com/ca1culators/retb ncalc.a RX
10. What day should I list as my retirement date?
Your official retirement day is the next day after your last day of paid service. For instance, if you work on June 30, 2013 then you are officially retired as of July 1,2013.
If your last day of paid service is June 5, 2013, then your retirement date is June 6, 2013.
11. Can PARS be used to buy years of service credit in STRS?
To gather information on your specific situation, please call the STRS office at 818228-5453.
12. Is it true that there may be furlough days in the next two years and if so, will that affect my retirement?
Negotiations for a Successor Agreement are currently proceeding through the negotiations process; however deferred furlough days do exist for all GUSD employees within the next two years. If furlough days are agreed upon and you have less than 25
ears of service, it will impact the way your retirement will be counted by STRS. If you fall into this category, STRS will calculate your retirement based on the average of your salary for the last 3 years of service. If the District implements furlough days over the next 2 years, the average 3 year salary will decrease, and therefore the amount of STRS retirement will be less.
AGENCYI'I.JBUC ~~RSGLENDALE UNIFIED RETIREMENT SERVICES
Making retirement work for you. SCHOOL DISTRICT You are invited to attend one of these PARS SRP
Group Informational Orientation Meetings.
(Please bring your PARS SRP Enrollment Packet to the meeting you attend).
Thursday, December 13, 2012
Professional Development Center A & B (319 N. Central Ave. Glendale, CA 91203)
Certificated - 3:30 - 4:30 pm Classified - 5:00 - 6:00 pm
Saturday, December 15, 2012
Professional Development Center A & B (319 N. Central Ave. Glendale, CA 91203)
Both Groups 10:00 - 11:00 am
Thursday, January 10, 2013
Professional Development Center A (319 N. Central Ave. Glendale, CA 91203)
Certificated - 3:30 - 4:30 pm Classified - 5:00 - 6:00 pm
~ The meetings are designed to answer questions about the plan, the enrollment materials, and the enrollment procedures.
~ If you are interested in participating in the PARS SRP, please attend one of the meetings. Spouses and financial advisors are welcome.
If you have any questions regarding the PARS SRP, please call the PARS Plan Enrollments Department at (800) 731-7884.
PARS 4350 Von Karman Avenue, Suite 100, Newport Beach, CA 92660 (800) 731-7884 Fax (877) 734-6220 [email protected]
AGENcyPUIlLIC ~~RS
RETIREMENT SERVICES
GLENDALE UNIFIED Making reUrement work for you. SCHOOL DISTRICT
PARS Supplementary Retirement Plan (SRP)
WALK-IN WORKSHOP (The workshop is first-come, first-served, no appointments.)
Tuesday, January 29, 2013 3:00 - 6:00 pm
Professional Development Center B (319 N. Central Ave. Glendale, CA 91203)
If you have NOT submitted your enrollment packet to PARS, attend the workshop to:
o Ask questions about the incentive being offered.
o Have a PARS representative review your completed enrollment packet for accuracy (complete your packet prior to coming to the workshop).
o Turn in your completed enrollment packet to a PARS representative and receive a receipt. This confirms your enrollment in the plan.
o Remember to bring a copy of your proof of age (driver's license, passport, or birth certificate) and if selecting Option 2, your beneficiary's proof of age.
SRP Enrollment Deadline = February 1, 2013
(Forms must be received in the PARS office by 5:00 p.m. on the deadline date. A faxed copy will be permitted for enrollment in the plan with the original to follow via mail.)
Please contact the Plan Enrollments Department with any questions at {800} 731-7884 or via email at [email protected]
PARS * 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 * (800) 731-7884 * (877) 734-6220 fax * [email protected]
SCHEDULED MEETINGS WITH PARS
Thursda December 13 2012 at PDC A & B, Certificated: 3:30 - 4:30 pm Classified 5:00 - 6:00 pm
Saturday, December 15,2012 at PDC A & B, All at same time 10:00 am - II :30 am
Thursda Januar 1 10 2013 at PDC A, Certificated: 3:30 - 4:30 pm Classified 5:00 - 6:00 pm
Tuesday, January 29, 2013 at PDC B, All turn in packets and one-on-one to answer questions if necessary from 3:00 - 6:00 pm
SCHEDULED WORKSHOPS WITH STRS
Wednesda December 5 2012 at Glendale Hi h School Librar 3:30 to 5:00 pm
Thursda December 6 2012 at Board Room 3:30 to 5:00 pm
SCHEDULED WORKSHOPS WITH PERS Classified Members
Saturda December 15 2012 - at PDC 8:00 am to 10:00 am for all Classified Employees
Tuesda 1 December 18 2012 in Board Room 4:30 to 6:00 pm for all Classified employees
Frida Janua 11 2013 in Board Room 3:30 to 5:00 pm for all Classified Employees
PDC address: 319N. Central Ave. Glendale, CA 91203 (Professional Development Center) Rooms A and B
