|
|
|
|
|
Meeting Date:
|
2/21/2018 - 3:30 PM
|
|
Category:
|
Consent Calendar
|
|
Type:
|
Action
|
|
Subject:
|
12.9 BUSINESS: Resolution No. 2:17-18 - Resolution of the Board of Trustees of the California Military Institute Implementing a Retirement Stimulus Plan
|
|
Strategic Plan:
|
|
|
Enclosure
|
|
|
File Attachment:
|
|
|
Summary:
|
Retirement incentive plans are designed to increase and accelerate the retirement rate, in excess of the natural attrition rate. The administration is recommending approval of a Retirement Stimulus Plan for 2017-18 for all Certificated and Classified employees of the California Military Institute. This will allow for a budgetary savings as a result of the salary differentials of retiring employees and replacement employees. Further, with the expected teacher shortfall, hiring replacement teachers earlier in the shortfall period will provide for a significantly larger and higher quality pool of candidates.
To be eligible for the Retirement Stimulus Plan, Certificated employees must be at least sixty (60) years of age by June 30, 2018. Classified employees must be at least fifty-five (55) years of age and have provided a minimum of ten (10) years of service to the District by June 30, 2018. Eligible employees may elect to receive an annual contribution of $10,000 towards health and welfare benefits until 65 years of age, except that Classified employees will only be eligible for this annual contribution for a maximum of five (5) years. Alternatively, in lieu of the health and welfare benefits contribution, eligible employees may instead elect to receive a one-time bonus incentive of twenty-five thousand dollars ($25,000). Employees electing to participate in the Retirement Stimulus Plan must submit an irrevocable letter of resignation to Human Resources by March 23, 2018.
|
|
Funding:
|
The savings generated from this item will be included in the 2018-19 adopted budget and multi-year projections.
|
|
Recommendation:
|
It is recommended that the Board of Trustees adopt Resolution No. 2:17-18 - Resolution of the Board of Trustees of the California Military Institute Implementing a Retirement Stimulus Plan.
|
|
Approvals:
|
|
Recommended By:
|
|
Signed By:
|
|
|
Candace Reines - Deputy Superintendent
|
|
|
Signed By:
|
|
|
Grant Bennett - Superintendent
|
|
|
|
|
Vote Results:
|
| Original Motion | | Member David Nelissen Moved, Member Anthony T. Stafford, Sr. seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 2:17-18 - Resolution of the Board of Trustees of the California Military Institute Implementing a Retirement Stimulus Plan.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0. | | The motion Carried 4 - 0 | | | | | Edward Garcia, Jr. | Yes | | Dr. Jose Luis Araux | Yes | | Anthony T. Stafford, Sr. | Yes | | David Nelissen | Yes | |
|
|
|
|
|
|
|