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Supplementary Retirement Plan (SRP)

About the SRP Plan

We are excited to announce that the Visalia Unified School District (VSUD) is offering a one-time voluntary retirement incentive plan for eligible employees for the 2023-24 school year. On January 16, 2024, the board unanimously approved a resolution authorizing a Supplementary Retirement Plan (SRP) administered by Public Agency Retirement Services (PARS).

The Supplementary Retirement Plan (SRP) is a retirement incentive plan. The District shall make contributions into the participant’s 403(b) annuity held at Pacific Life Insurance Company. The sum of the contributions shall equal 75% of Final Pay and may be contributed over a period of time as elected by the participant.

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Spanish

SRP Benefit Options

  • Lifetime. A monthly payment for your lifetime.

  • Joint & Survivor. A monthly payment of the lifetime of your beneficiary.

  • Life or Ten-Year. A monthly payment paid for your lifetime or ten years after your resignation.

  • Fixed Monthly Payments. A higher monthly payment, ranging from 5-15 years.

Act quickly! The SRP enrollment deadline is

Thursday, March 21, 2024

Eligibility

  • Certificated Non-Management, Certificated Non-Management (Adult Education), Certificated Management, Classified Non-Management, and Classified Management employees who are employed by the District as of January 16, 2024.

  • Have an FTE of 0.50 or greater as of January 16, 2024.

  • Are eligible to retire under CalSTRS (fifty-five (55) years of age with five (5) years of CalSTRS service or fifty (50) years of age with thirty (30) years of CalSTRS service) or CalPERS (fifty (50) years of age with five (5) years of CalPERS service) as of June 30, 2024.

  • Have five (5) years of District service as of June 30, 2024

  • Have resigned from District employment effective after the completion of the 2023-2024 school year on or before June 30, 2024.

  • Have submitted all required SRP enrollment materials and District Letter of Resignation to the PARS office no later than 5:00PM on March 21, 2024.

Ready to Get Started?

Reserve your spot at one of the scheduled orientation meetings by contacting the PARS Plan Support Department.

Contact PARS at:
Email: PlanSupport@PARS.org
Phone: (800) 731-7884


One-on-One meetings with PARS representatives will be held at Denton Elementary School on:

Tuesday, 3/19/24 from
3:00-6:00PM

 

Denton Elementary School
Multipurpose Room (MPR)
2231 N. Denton Avenue
Visalia, CA 93291

Attending the orientation meeting is not mandatory, but is encouraged.

Downloads

Plan Summary

Plan Summary

Frequently Asked Questions & Answers

English - FAQ's

Spanish - FAQ's

About the Public Agency Retirement Services (PARS)

The Public Agency Retirement Services (PARS), founded in 1984, has designed and delivered over 1,100 individually customized solutions that have cumulatively saved over 600 public agency clients hundreds of million of dollars. They established the VUSD pension and other post employment benefits and trust accounts, as well as the alternate to the Social Security retirement system for part-time VUSD employees. In 2009, they completed this Supplementary Retirement Plan (SRP) for VUSD employees to assist the district in balancing the budget during recent economic downturns.

Frequently Asked Questions

Board of Education Presentation (01/16/24)