Adjunct Retirement Plans Comparison Chart Employee Contribution LACCD contribution by benbrown

VIEWS: 11 PAGES: 1

									               Adjunct Retirement Plans Comparison Chart
                  STRS DB            STRS CB           PARS          Social Security
Employee       8% of salary       3.75% of         3.5% of salary    6.2% of salary
Contribution                      salary
LACCD          8.25% of           4.25% of         4% of salary      6.2% of salary
contribution   salary             salary
Vesting        5 years of full-   Immediate        Immediate         40 calendar
               time equivalent                                       quarters
               service
Benefits       Lifetime monthly   Choice of lump   Lump sum of       Lifetime monthly
               payments           sum payment or   total             payments (less
               based on a         annuity for      contributions     possible offsets)
               formula            balances over    plus accrued
                                  $3500            interest
Early          Receive            Receive          Receive           Not possible
withdrawal     employee           employee &       employee &
               contribution       employer         employer
               only               contributions    contributions
                                  plus interest    plus interest
Switching      Open entry, no     Open entry,      Open entry and    Open entry and
among plans    exit               Limited exit     open exit         exit
Rollover       Employee           To DB or IRA     Total after 24-   Not possible
               contribution                        month waiting
               only                                period

								
To top