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DISTRICT LIABILITIES

DISTRICT LIABILITIES. Prepared by: Ed Maduli June 4, 2013. TOPICS. Banked Leave Vacations Lease Revenue Bonds OPEB CalPERS CalSTRS. BANKED LEAVE. ACE Bargaining Agreement, Article 38

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DISTRICT LIABILITIES

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  1. DISTRICT LIABILITIES Prepared by: Ed Maduli June 4, 2013

  2. TOPICS • Banked Leave • Vacations • Lease Revenue Bonds • OPEB • CalPERS • CalSTRS

  3. BANKED LEAVE • ACE Bargaining Agreement, Article 38 “Banked load leave is leave which is earned and results from an accumulation of overload, summer and/or winter-session assignments which the member has chosen to ‘bank’ rather than receive payment.”

  4. BANKED LEAVE Rates are accrued as follows:

  5. VACATIONS

  6. VACATIONS (continued) WVMCEA

  7. VACATIONS (continued) POA

  8. LEASE REVENUE BONDS • 2009 LRB issued for $55,000,000 to fund State capital outlay projects and $1,120,000 for West Valley Student Center. • Debt is paid for from general fund and federal subsidy under the Build America Bond program. • The Student Center portion is paid for from Student Center fees.

  9. LEASE REVENUE BONDS • 2011 LRB issued for $9,905,000 to fund solar projects for both campuses. • Debt is paid for from federal subsidy under the Clean Renewable Energy Bond, utilities savings, and local rebates.

  10. OPEB • As of June 30, 2012, there are 519 retirees and 117 eligible active employees. • Employees hired after January 1, 1994, are not eligible for medical benefits after retirement. • Actuarial Accrued Liability was reduced from $124,279,282 in 2006 to $88,514,298 in 2011. • An updated actuarial study of retiree health liabilities is scheduled for 2013. • The CalPERS OPEB Trust Fund balance is $32,614,144 (March 30, 2013).

  11. CalPERS • Retirement Benefit Calculation • Service Credit (Years) x Benefit Factor (% per year) x Final Compensation (Monthly $) = Basic Pension • Service Credit • Total years of service • Benefit Factor • % of final compensation for each year of service credit, based on age at retirement • 2% at age 55 • 2.5% at age 63 • Final Compensation • Average of highest monthly pay rate • Contribution for FY 12/13 • Employee: 7.0% (9.0% for Public Safety Officers) • Employer: 11.42% (36.03% for Public Safety Officers)

  12. CalSTRS • AB 340 , the California Public Employees Pension Reform Act of 2013 created two benefit structures for CalSTRS • Members hired on or before December 31, 2012, are under CalSTRS 2% at 60 • Members hired on or after January 1, 2013, are under CalSTRS 2% at 62 • Retirement Benefit Calculation • service credit x age factor x final compensation = retirement benefit • Contribution for FY 12/13 • Employee: 8.0% • Employer: 8.25%

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