March 31, 2017
Palos Verdes Peninsula Unified School District is pleased to announce the offering of a retirement incentive program for eligible employees for the 2016-17 school year. The plan will be administered by PARS, Public Agency Retirement Services, and will provide a supplemental benefit in addition to your STRS/PERS retirement benefit.
The District will contribute an amount equivalent to 75% of your 2016-17 annual salary to PARS that will fund an annuity program through Pacific Life Insurance Company that provides a variety of annuity payout options to you.
In order to participate in this plan, employees must meet the following criteria set forth by the District:
- Certificated Non-Management, Classified Non-Management, Classified Management / Confidential Employees employed by the District as of April 3, 2017 with an FTE of at least 0.5; and
- Are at least fifty-five (55) years of age with five (5) or more years of District service as of June 30, 2017; and
- Have resigned from District employment effective after completion of the 2016-17 school year on or before June 30, 2017.
Please note that the Supplemental Retirement Plan (SRP) will only be offered if the resulting participation level generates an acceptable level of fiscal savings to the District. The District will announce by June 6, 2017 whether or not the plan will be approved. If the plan is approved, all resignation letters submitted prior to the enrollment deadline will become official. If the plan is not approved, all resignation letters will be automatically rescinded.
Each employee who meets the eligibility requirements based on the established criteria will receive a customized enrollment packet mailed to his/her home address by April 7, 2017. To answer questions about the PARS SRP, group orientation meetings and individualized counseling workshops have been scheduled. Dates, times and locations for these meetings will be included in the packet.
Once a packet is received, please contact PARS for any questions about this District sponsored retirement incentive at (800) 731-7884 or via email at email@example.com.
The Palos Verdes Peninsula Unified School District would like to thank all of our employees, especially those who have worked in the District for many years, for their continued excellent service.