If you have applied for the District’s Supplemental Retirement Plan (SRP), your union wants to ensure you have the information you need to retire and enjoy your next chapter!
A recent update to note: After a recent Labor Caucus meeting, a recommendation was made to extend the deadline for the SRP. The Board of Trustees is expected to take action at a special board meeting on March 17, 2021 in order to extend the enrollment periods for those retiring on June 30, 2021 and on December 31, 2021. A message is currently being prepared to notify employees of the upcoming extension. Those who are deemed eligible will start to receive packets sometime after March 18, 2021. Each eligible employee will receive a Benefit Illustration outlining the monthly annuity payment options.
The resignation form you submit with your SRP packet is the only form you need to submit to the District.
If you want to continue to teach after retirement, consult your retirement plan regarding any restrictions on when you can come back. Be sure you have checked the box on your resignation form indicating your interest in teaching again.
Remember that you will resign from the LACCD and retire from your current retirement system (either CalSTRS or CalPERS). Make sure you have contacted your retirement system to start the process they require so you can begin receiving your pension after retirement.
If you are 65 or older you need to already be signed up for Medicare Part B or in the process of signing up. If you are not already signed up, you need to start three months before you retire or you may have a lapse in coverage.
If you are retiring, please remember that your first day of retirement must be AFTER your last day of work at the District. For example, if you indicated on the resignation form that your last day of work will be June 30, 2021, the earliest day you can use on your retirement paperwork is July 1, 2021.
If you have questions forâ€¯CalSTRS or CalPERS, contact information is provided below for your convenience:
CalSTRS --â€¯www.calstrs.com (800) 228-5453
CalPERS -- www.calpers.ca.gov (888) 225-7377
To contact Social Security to determine your benefits under Social Security and Medicare, call (800) 772-1213 or go to www.ssa.gov.
AFT 1521 contacts to provide helpful advice or answer questions:
Retirement system (CalSTRS/CalPERS) -- contact Sharon Hendricks, AFT 1521 Retirement Liaison at email@example.com
Health benefits after retirement – contact Bill Elarton-Selig, AFT 1521 Health Benefits Liaison firstname.lastname@example.org
General Questions: email@example.com
Cheryl CM Stephens – Human Resources, LACCD Stephecc@email.laccd.edu
Eligible employees must:
• Have completed at least five (5) full years of District service
• Resign from District employment
Academic Administrators, Academic Supervisors, Represented Classified (Clerical/Technical, Operations, Crafts and Supervisors), Classified Confidential and Classified Managers resign June 30, 2021 or December 31, 2021.
• Be eligible to retire under CalSTRS or CalPERS
CalSTRS Retirement Eligibility—At least age 55 with 5 years or more of CalSTRS service credit or at least age 50 with 30 years or more of CalSTRS service credit
CalPERS Retirement Eligibility—At least age 50 with 5 years or more of CalPERS service credit
Academic Faculty must retire no later than July 1, 2021. Academic Faculty who choose to retire in December 2021 are advised to speak with CalSTRS regarding the impact to service credit as a full-year of service may not be completed.
Academic Administrators, Academic Supervisors, Represented Classified (Clerical/Technical, Operations, Crafts and Supervisors), Classified Confidential and Classified Managers retire June 30, 2021 or December 31, 2021.
If the SRP enrollment window is extended, the District will contribute as supplemental income 65% of final annual base pay. The 65% value of one year of final annual base pay will purchase an annuity that will pay out over five years or more in equal monthly payments.