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Retirement Incentive Deadline Nears

Teachers can take advantage of one-on-one retirement counseling, workshop sessions and other special meetings this month to help   them decide whether to participate in an early retirement incentive by the Jan. 29 enrollment deadline.

The Board of Education recently OK’d the early retirement incentive for K-12 teachers and other certificated non-management employees, pending sufficient participation in the plan.

The incentive may help to offset local budget cuts caused by the state’s ongoing fiscal crisis.

CalSTRS one-on-one counseling sessions are available to teachers by appointment only on Jan. 19 at the Administration Building.   Call 997-8193 for an appointment. 

Additional counseling sessions may be scheduled through the Los Angeles County Office of Education directly.  Contact STRS Counseling at 922-6414.

A general CalSTRS retirement seminar also has been scheduled for 3:30 to 5:30 p.m. Monday, Jan. 11 at the Administration Building, Room 143.  Attendance is limited. RSVP by Friday, Jan. 8 at ext. 8214.  A subsequent Jan. 19 general workshop is fully booked.  These presentations will include an explanation of the CalSTRS service retirement allowance, retirement options, updates on legislation, and disability and survivor benefits.  Staff from Human Resource Services and Risk Management will be available to answer questions.

Two meetings have been scheduled by Public Agency Retirement Services (PARS) to collect enrollment forms for the early retirement incentive.  The meetings are 3 to 5:30 p.m. Thursday, Jan. 21 at the Teacher Resource Center, and 3 to 5:30 p.m. Thursday, Jan. 28 in the Administration Building cafeteria.

For employees who qualify, the district’s early retirement incentive would provide 60 percent of both the employee’s annual base salary and additional career increment, paid out over five years (12 percent each year) or longer.  Benefits would start Aug. 1, 2010.

After the Jan. 29 enrollment deadline, the school district will determine whether the program would save enough money to make it feasible.  The amount of cost savings will depend upon which teachers, and how many of them, choose to participate.

The school district may withdraw the incentive, provided it notifies enrolled employees of the withdrawal on or before Feb. 19.  If the district withdraws the incentive, employees will be given the option to rescind their resignation by March 1, 2010.

Participants must have at least five years of full-time employment in LBUSD as of July 31, 2010, and they must be eligible to retire under the State Teachers’ Retirement System (age 55 with five years of STRS service or age 50 with 30 years of STRS service) as of July 31, 2010.

Child Development Center, Head Start, hourly and substitute teachers are not eligible.  Enrollment packets were mailed to eligible employees.

Contact PARS at (800) 731-7884 for more information.