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Paramount Unified proposes supplemental retirement plan with enrollment window for eligible staff
Summary
The district presented a PARS supplemental retirement (SRP) proposal with eligibility criteria for certificated and classified staff, an enrollment window opening Oct. 10, 2024, a Jan. 24, 2025 paperwork deadline, and board final approval targeted Feb. 12, 2025; staff estimated about 287 potentially eligible employees.
Paramount Unified’s Business Services staff presented a supplemental retirement plan (SRP) administered by PARS at the Oct. 9 board meeting and recommended opening an employee enrollment window if the board approves the plan.
Presenter Patricia explained the key points: eligibility will be limited by age and years of district service with slightly different criteria for certificated and classified employees; participants must resign (not retire) by June 30, 2025 to participate; the enrollment window will open the day after the Oct. 9 board meeting, paperwork must be submitted by Jan. 24, 2025, and the district will seek final board approval of the plan on Feb. 12, 2025. Benefit payments would begin August 2025 for participants who elect payout options.
Patricia said staff identified roughly 287 employees who could qualify under the proposed criteria and described payout choices (term lengths and beneficiary options) available to participants. The plan is intended to help manage the district’s transition away from one‑time pandemic funds and to provide voluntary separation options without layoffs.
Board members asked clarifying questions about eligibility details and enrollment support; staff said an orientation and workshops would be provided before the Jan. 24 paperwork deadline. The board subsequently voted to adopt the PARS SRP for administrative services as part of the action items recorded during the meeting.
