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Executive Committee Meeting March 11, 2008 |
Agenda Item: New Business
Supplemental Retirement Plan for professional, scientific, and upper management personnel – Receive and File Report from Actuary for Informational Purposes Only – No action required. Supplemental Retirement Plan to be considered at a future meeting.
Background:
The District will consider at a future regularly scheduled meeting of the Board of Trustees, establishing a supplemental retirement plan for professional, scientific, and upper management personnel. This supplemental retirement plan will support the retention and recruitment of quality District employees. The District has had a difficult time recruiting and hiring professional, scientific, and upper management personnel. At the recent Strategic Planning Meeting, Trustees recommended that the District investigate additional employee benefits that might enhance the District’s recruitment package to attract these employees. The entire cost of the plan will be covered by the District.
As required by Section 7507 of the California Government Code, the District secured the services of an enrolled actuary to determine the future annual costs of providing the plan benefits and is making the results of that study available for public review. The projected actuarial cost of the proposed plan to the District is seven and seventy two one-hundredths percent (7.72 %) of covered salaries (currently $102,477). A copy of the actuarial report, prepared by and certified by the enrolled actuary, is attached to this report and is on file with the Clerk of the Board and available for review.
Staff Recommendation:
For informational purposes only