SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

Transcription

1 SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN Presented to: SANTA BARBARA COMMUNITY COLLEGE DISTRICT August 2, 216 Presented By: Sharen Stanek-Lowe Dan Keenan Account Executive Senior Vice President 2355 Crenshaw Blvd., Suite Crenshaw Blvd., Suite 2 Torrance, CA 951 Torrance, CA 951 Toll Free: , Ext Toll Free: , Ext. 36 Phone: , Ext Phone: , Ext sstanek@keenan.com dkeenan@keenan.com Innovative Solutions. Enduring Principles. License No

2 Santa Barbara Community College District Summary Sheet Classification Faculty Plan Type 7% of Salary not replaced - Age (min) 55 and Years of Service (min) Normal Attrition % of Retirees Salary Lifetime Benefit Period Certain 5 Cost Per Retiree Commission Plan (billed per separate) Employee with No Plan 5 Year Net % $99,147 $ $1,15.3 $69,43 $3,817 $146,787 $4,55,387 $1,98,59 $2,57,328 Classification Plan Type Normal Attrition % of Retirees Salary Lifetime Benefit Period Certain 5 Cost Per Retiree Commission Plan (billed per separate) Employee with No Plan 5 Year Net Certificated Management 7% of Salary 1 not replaced - Age (min) 55 and Years of Service (min) % $123,886 $ $1, $86,721 $4,77 $24,614 $721,842 $332,4 $389,738 1 Classification Plan Type Normal Attrition % of Retirees Salary Lifetime Benefit Period Certain 5 Cost Per Retiree Commission Plan (billed per separate) Employee with No Plan 5 Year Net Classified 7% of Salary 7 not replaced - Age (min) 55 and Years of Service (min) % $59,816 $198.3 $ $41,871 $2,33 $118,418 $2,65,22 $1,138,145 $1,467,56 Classification Plan Type Normal Attrition % of Retirees Salary Lifetime Benefit Period Certain 5 Cost Per Retiree Commission Plan (billed per separate) Employee with No Plan 5 Year Net Classified Management 7% of Salary 1 not replaced - Age (min) 55 and Years of Service (min) % $98,34 $ $1,14.67 $68,838 $3,786 $193,667 $581, $266,291 $314, % $95,297 $14,676 $8,458,431 $4,741,832 Years of Service-19.5; Employees: 15; Age /28/216 Keenan & Associates License #

3 ANALYSIS OF DEMOGRAPHICS AND SERVICE Santa Barbara Community College District Faculty Age as of August 1, 217 Years of Service Age Versus Years of Service Count of Employees over 55 Employe ees Age of Employee Employees Reverse Cumulative s Reverse Cumulative % Years of Service 23.6 Employees: 111 Age /28/216 License #

4 ANALYSIS OF DEMOGRAPHICS AND SERVICE Santa Barbara Community College District Certificated Management Age as of August 1, 217 Years of Service Age Versus Years of Service Count of Employees over 55 Employe ees Age of Employee Employees Reverse Cumulative s Reverse Cumulative % Years of Service 19.1 Employees: 7 Age /28/216 License #

5 ANALYSIS OF DEMOGRAPHICS AND SERVICE Santa Barbara Community College District Classified Age as of August 1, 217 Years of Service Age Versus Years of Service Count of Employees over 55 Employe ees Age of Employee Employees Reverse Cumulative s Reverse Cumulative % Years of Service 21.5 Employees: 88 Age /28/216 License #

6 ANALYSIS OF DEMOGRAPHICS AND SERVICE Santa Barbara Community College District Classified Management Age as of August 1, 217 Years of Service Age Versus Years of Service Employe ees Count of Employees over Age of Employee Employees Reverse Cumulative s Reverse Cumulative % Years of Service 19.5 Employees: 15 Age /28/216 Keenan & Associates License #

7 Santa Barbara Community College District Supplemental Employee Retirement Plan (SERP) Faculty ESTIMATED BENEFITS for: Employee, (1) Benefit Based On 7% of Salary Commencement on: August 1, 217 Empl_ ALT MONTHLY ALTERNATIVE BENEFIT MONTHLY AMOUNT A Life Only $ B Joint & 5% Survivor $ C Life or Ten () Years, Whichever is Longer $ D Five (5) Year - Monthly Payments * $1,15.3 E Six (6) Year - Monthly Payments * $97.21 F Seven (7) Year - Monthly Payments * $841.5 G Eight (8) Year - Monthly Payments * $746.3 H Nine (9) Year - Monthly Payments * $ I Ten () Year - Monthly Payments $ Acceptance of the Supplemental Employee Retirement Plan (SERP) is contingent on the District's verification of eligibility. Annuity benefits are provided by an insurance company and are estimates only. Estimated benefits are subject to change prior to actual purchase of annuity benefits. Estimated benefits may change due to changes in the data supplied by the District, changes in current interest rates, mortality assumptions, commission percentages and state premium tax. The District may be subject to penalty fees for late premium payments and benefits may cease if all installment premiums are not paid in accordance with the installment premium schedule. * for tax-deferred IRA Rollover. Subject to a mandatory 2% Federal tax withholding if not rolled over. (1) ASSUMPTIONS CORRECTIONS Birthday: June 14, 1954 Date of Hire: January 2, 1994 Salary: $99,147 District Verification Printed on: 7/14/216 Number: U 7/216 License # Ref:BCUOBMTA4 6

8 SANTA BARBARA COMMUNITY COLLEGE DISTRICT FACULTY 217 Year-End Timeline July 21, 216 Review SERP w/ CPC August 2, 216 Board Retreat Item SERP Review August 3, 216 Information on SERP distributed to all groups August 8, 216 Fiscal Sub-Committee SERP Review August 11, 216 Board Approval Subject to final review by District August 12, 216 Window Period Opens - Announcement Letters Mailed by District August 29, & 3, 216 Group Orientation Meetings September 6, 7 & 8, 216 Individual Counseling Meetings September 9, 216 Faculty to submit intent to retire* September 26, 216 Programs submit proposal for new/replacement Faculty October 12 & 19, 216 Programs make presentations, discuss requests with Academic Senate October 26, 216 Academic Senate ranking forwarded to President November 29, 216 SERP Enrollment Forms & Letters of Resignation due to EVP of Educational Programs/HR Window Period Closes PLEASE NOTE: this date is for all eligible employees who will take the SERP by June 3, 217 end of the Spring semester December 5, 216 HR advertises Faculty replacement positions December 6, 216 Last Day for Faculty to Rescind Resignation December 8, 216 Plan Implementation contingent upon Final Cost Analysis & Determination of Sufficient from the Plan June 3, 217 Employee Retires from District on or before this date July 1, 217 Plan Effective Date August 1, 217 First Benefit Payment * Faculty must submit intent to retire to Office of Educational Programs by September 9, 216 to allow departments to consider submitting a proposal for replacement to the Academic Senate. Intent to retire and resignation letters submitted after September 9, 216 will be considered for replacement in by the Academic Senate. 721 Cliff Drive Santa Barbara, CA (85) Innovative Solutions. Enduring Principles. Lic # Crenshaw Blvd., Suite 2, Torrance, CA 951 PHONE: (3) Ext 3671 FAX: (3) Toll Free in CA: (8)

9 SANTA BARBARA COMMUNITY COLLEGE DISTRICT CLASSIFIED & MANAGEMENT 217 Year-End Timeline July 21, 216 Review SERP w/ CPC August 2, 216 Board Retreat Item SERP Review August 3, 216 Information on SERP distributed to all groups August 8, 216 Fiscal Sub-Committee SERP Review August 11, 216 Board Approval Subject to final review by District August 12, 216 Window Period Opens Announcement Letters Mailed by District August 29, & 3, 216 Group Orientation Meetings September 6, 7 & 8, 216 Individual Counseling Meetings November 29, 216 SERP Enrollment Forms & Letters of Resignation due to Supervisor/HR for Classified & Management Window Period Closes PLEASE NOTE: this date is for all eligible employees who will take the SERP by January 31, 217 (Group 1) or June 3, 217 (Group 2) December 6, 216 Last Day for Classified & Management to Rescind Resignation December 8, 216 Plan Implementation contingent upon Final Cost Analysis & Determination of Sufficient from the Plan January 31, 217 Employee Retires from District on or before this date Group 1 February 1, 217 Plan Effective Date Group 1 March 1, 217 First Benefit Payment Group 1 June 3, 217 Employee Retires from District on or before this date Group 2 July 1, 217 Plan Effective Date Group 2 August 1, 217 First Benefit Payment Group Cliff Drive Santa Barbara, CA (85) Innovative Solutions. Enduring Principles. Lic # Crenshaw Blvd., Suite 2, Torrance, CA 951 PHONE: (3) Ext 3671 FAX: (3) Toll Free in CA: (8)

10 SERP COMMUNITY COLLEGE DISTRICT CLIENTS Allan Hancock Joint Community College District Antelope Valley Community College Chabot-Las Positas Community College District Chaffey Community College District Coast Community College District College of Marin College of the Redwoods Desert Community College District Feather River Community College District Glendale Community College District Grossmont-Cuyamaca Community College District Imperial College Community District Long Beach Community College District Merced Community College District Mira Coast Community College District Mount San Jacinto Community College District North Orange County Community College District Ohlone Community College District Palomar Community College District Palo Verde Community College District San Bernardino Community College District San Diego Community College District San Jose/Evergreen Community College District San Joaquin Delta Community College District Santa Clarita Community College District Southwestern Community College District Victor Valley Community College District West Valley-Mission Community College District Yuba Community College District 9