SERP retirement plan returns for 2020-21 school year
March 19, 2021
Multiple North staff members are taking advantage of the new Supplemental Employee Retirement Plan (SERP) that has been reinstated for the 2020-21 school year. This plan was originally only for the 2018-19 school year but this year will again allow staff members to receive a larger retirement pension in exchange for retiring earlier. The plan outlines that teachers would receive an additional amount of 80% of their annual salary as a benefit along with their earned retirement pension. Staff members who are at least fifty years old, have worked at the district for five years and are a certified/classified employee were eligible for this program.
SERP is designed to reduce expenditures from salaries in order to prevent employee layoffs and other budget-related problems. Riverside Unified School District employees are on a pay scale which allows employees to be paid at a higher rate as their time working for the school district continues. Additionally the tenure that many teachers have requires the district to implement programs like SERP to encourage earlier retirements.
“I was planning on working as long as I could. I loved being an art teacher and a Husky. My art rooms were like home to me. Unfortunately the heart was willing to keep on going but my body was telling me it was time. I was year to year. SERP helped me to decide. I will miss North,” said art teacher Wayne Clack.
There are five teachers, one counselor and one instructional aide at North using this program along with many others across the district. These staff members along with hundreds of others across the district will retire on June 30, 2021.