Supplemental Employee Retirement Plan (SERP)
The District is offering faculty a Supplemental Employee Retirement Plan (SERP). The SERP program will provide eligible employees with a monthly income supplement to their regular CalSTRS/CalPERS/ SFERS retirement benefits or other income effective July 1, 2019. All forms of benefits are annuities equal to 65% of an employee’s base annual salary for the current school year. The SERP is a voluntary plan for employees who meet all Eligibility Guidelines:
- Full-time Faculty – employee must be at least 55 years of age by June 30, 2019 and must have at least five (5) years of service with the College by June 30, 2019.
- Part-time Faculty – employee must be at least 55 years of age by June 30, 2019 and must have at least fifteen (15) years of service with the College by June 30, 2019. Employee must not have received a previous SERP from the district.
- Employee must retire or resign from the College by June 30, 2019.
- Employee must submit a Letter of Resignation and SERP Enrollment Package by February 1, 2019.
AFT 2121 consulted with the district on the terms of the SERP, and advocated successfully for the inclusion of part-time faculty in the program. Because we are aware of the potential for the SERP to shrink our faculty and our college, we are also negotiating an agreement on replacement hiring to ensure that the SERP does not leave departments or programs understaffed.
Next steps: Help keep Free City alive!
Today, the Free City Coalition and our labor and community allies came out in another strong show of support for Free City and our measure made it out of committee!
Last week, more than 60 students, faculty, labor and community allies gave public comment in support of Jane Kim’s measure to keep the Free City college program alive to San Francisco Board of Supervisors Rules Committee members. AFT 2121, with the help of the Labor Council, students, and our community allies in the Free City College Coalition successfully lobbied key supervisors to let the measure to move forward. And we were successful!
WHAT’S NEXT?
Follow Us!