1 / 20

DISTRICT LIABILITIES

This document provides a comprehensive overview of the district's liabilities, focusing on banked leave, vacation policies, lease revenue bonds, and retirement benefits as of June 4, 2013. It outlines the banked leave system as part of the ACE Bargaining Agreement, details vacation entitlement for different employee groups, and summarizes lease revenue bonds issued for various capital projects. Additionally, it covers other post-employment benefits (OPEB) status, CalPERS and CalSTRS retirement benefit calculations, and the impact of legislation on pension structures.

mercury
Télécharger la présentation

DISTRICT LIABILITIES

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. DISTRICT LIABILITIES Prepared by: Ed Maduli June 4, 2013

  2. TOPICS • Banked Leave • Vacations • Lease Revenue Bonds • OPEB • CalPERS • CalSTRS

  3. BANKED LEAVE • ACE Bargaining Agreement, Article 38 “Banked load leave is leave which is earned and results from an accumulation of overload, summer and/or winter-session assignments which the member has chosen to ‘bank’ rather than receive payment.”

  4. BANKED LEAVE Rates are accrued as follows:

  5. VACATIONS

  6. VACATIONS (continued) WVMCEA

  7. VACATIONS (continued) POA

  8. LEASE REVENUE BONDS • 2009 LRB issued for $55,000,000 to fund State capital outlay projects and $1,120,000 for West Valley Student Center. • Debt is paid for from general fund and federal subsidy under the Build America Bond program. • The Student Center portion is paid for from Student Center fees.

  9. LEASE REVENUE BONDS • 2011 LRB issued for $9,905,000 to fund solar projects for both campuses. • Debt is paid for from federal subsidy under the Clean Renewable Energy Bond, utilities savings, and local rebates.

  10. OPEB • As of June 30, 2012, there are 519 retirees and 117 eligible active employees. • Employees hired after January 1, 1994, are not eligible for medical benefits after retirement. • Actuarial Accrued Liability was reduced from $124,279,282 in 2006 to $88,514,298 in 2011. • An updated actuarial study of retiree health liabilities is scheduled for 2013. • The CalPERS OPEB Trust Fund balance is $32,614,144 (March 30, 2013).

  11. CalPERS • Retirement Benefit Calculation • Service Credit (Years) x Benefit Factor (% per year) x Final Compensation (Monthly $) = Basic Pension • Service Credit • Total years of service • Benefit Factor • % of final compensation for each year of service credit, based on age at retirement • 2% at age 55 • 2.5% at age 63 • Final Compensation • Average of highest monthly pay rate • Contribution for FY 12/13 • Employee: 7.0% (9.0% for Public Safety Officers) • Employer: 11.42% (36.03% for Public Safety Officers)

  12. CalSTRS • AB 340 , the California Public Employees Pension Reform Act of 2013 created two benefit structures for CalSTRS • Members hired on or before December 31, 2012, are under CalSTRS 2% at 60 • Members hired on or after January 1, 2013, are under CalSTRS 2% at 62 • Retirement Benefit Calculation • service credit x age factor x final compensation = retirement benefit • Contribution for FY 12/13 • Employee: 8.0% • Employer: 8.25%

More Related