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Keenan presentation: Milpitas SERP enrollment projects multi‑year payroll savings
Summary
Keenan consultants reported 51 employees enrolled in Milpitas Unified’s supplemental early retirement program (one below their projection), estimating the plan will add roughly $6 million in program‑specific savings over five years and contribute to a larger $10–11 million payroll‑savings projection when combined with attrition.
Keenan, the district’s consultant on the supplemental employee retirement program (SERP), presented results of the enrollment and a five‑year savings analysis to the Milpitas Unified board.
Melissa King of Keenan said the plan targeted employees age 55 with at least five years of service; enrollment landed at 51 participants, one below projection. Keenan’s analysis separates "SERP‑specific savings" from natural attrition and projects the program will generate notable payroll savings…
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