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Finance committee reviews supplemental retirement proposal for classified employees
Summary
Finance Committee members heard an overview of the Public School Certified Retirement System and a staff proposal to offer a district-level 403(b)/457 employer match for classified (PSCRS) employees, including estimated costs, opt-out enrollment, vendor consolidation and vesting rules tied to IRS limits.
A staff presenter gave the Finance Committee of the Savannah-Chatham County Board of Education a briefing March 12 on supplemental retirement options for classified (hourly and non‑TRS) employees and a district proposal to offer an employer match to voluntary 403(b)/457 accounts.
The presenter told the committee that the district’s classified employees are overwhelmingly covered by a supplemental plan administered at the state level (referred to in the briefing as PSCRS) and contrasted that plan with the Teacher Retirement System (TRS). The presenter said PSCRS was established in 1970 as a supplemental retirement benefit for employees who are not covered by TRS and noted that members receiving the PSCRS benefit typically include bus drivers, school service workers, maintenance and custodial staff and some managers. The presenter said members contribute either $4 or $10 per pay period, that employees must earn 10 years of service to vest, and that retirement…
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