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Upland Unified School District

PARS Supplementary Retirement Plan. Upland Unified School District. February 10, 2009. PARS Background. 3 rd Largest Multiple Employer Public Retirement System in California 450+ Member Agencies Over 250,000 Participants 800+ Retirement Plans. Apple Valley Unified School District

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Upland Unified School District

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  1. PARS Supplementary Retirement Plan Upland Unified School District February 10, 2009

  2. PARS Background • 3rd Largest Multiple Employer Public Retirement System in California • 450+ Member Agencies • Over 250,000 Participants • 800+ Retirement Plans

  3. Apple Valley Unified School District Capistrano Unified School District Chino Valley Unified School District Corona-Norco Unified School District Elk Grove Unified School District Fresno Unified School District Irvine Unified School District Long Beach Unified School District Los Angeles Community College District Ontario-Montclair School District Pasadena Unified School District Pomona Unified School District Rialto Unified School District Sacramento Unified School District San Bernardino City Unified School District San Bernardino County Office of Education San Diego Unified School District San Francisco Unified School District San Jose Unified School District Santa Ana Unified School District Sampling of PARS SRP Clients

  4. Why PARS? • Specializes exclusively in Governmental pension Plan Consulting and Administration since 1983 • Assists in all phases of the program from Plan Design, Implementation and On-Going Plan Administration • Highly regarded team of expert consultants utilized to assist PARS • Business Affiliate of California School Boards Association (CSBA)

  5. Retirement Incentive Plans encourage long-term or senior employees, typically at the top of the salary schedule, to retire early Savings are achieved by replacing the senior employee with a lower paid employee Given the looming budget crisis, additional retirements from a Retirement Incentive Plan can reduce the need for layoffs for some districts PARS Supplementary Retirement Plan

  6. Retirement Eligible Demographics

  7. Retirement Eligible Demographics

  8. Retirement Eligible Demographics

  9. Offered through a tax-sheltered annuity program — Internal Revenue Code Section 403(b) Post-Employment contributions are funded over a period of five (5) years following termination of employment District Contributions are based on a percentage of current pay (or flat dollar amount) which will be used to fund the purchase of an annuity through Pacific Life Insurance Co. Distribution options receive favorable tax treatment and are eligible for IRA rollovers Proposed Plan Design

  10. Proposed Plan Design

  11. Sample Benefit Illustration 85% of Final Pay for average Teacher

  12. Sample Benefit Illustration $25,000 Benefit Level

  13. PARS Analysis Methodology

  14. Projected Savings (Cost) with full replacement

  15. Fiscal Analysis with Non-Replacements Assuming 25 Certificated Non-Mgmt Retirements

  16. Proposed Timeline

  17. Please call with any questions Dennis Yu, CEBS Vice President PARS 800-540-6369 x 104 dyu@pars.org PARS Supplementary Retirement Plan

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