CHESTERFIELD COUNTY PUBLIC SCHOOLS CHESTERFIELD, VIRGINIA Item for Board Review TO: School Board FROM: Donald R. Fairheart Interim Superintendent DATE: June 12, 2018 SUBJECT: Projected Financial Summary of Participants Entering the Supplemental Retirement Program (SRP) Applications from employees interested in entering the SRP effective July 1, 2018 have been reviewed for eligibility by staff. Based on that review and meetings with the interested employees, 74 applications were forwarded to me for approval. The list of employees entering the SRP program and the estimated financial impact is attached. The list may include employees that opt out of the program prior to June 30, 2018. The attached worksheet provides: ● Employee’s ending salary ● Benefits calculated at 175% of the salary up to $95,000 cap ● Budgeted salary and fringe benefits ● First year benefit paid from operating fund ● Estimated trust fund payments ● Balance of salary and benefit savings transferred to the trust fund to support the program While this calculation is a fair representation of the financial impact of these participants to the SRP, it is not an actuarial calculation. The calculation does not include the impact of interest income and participants not receiving their entire benefit. The list of employees exiting the 1st year of SRP is also attached. RECOMMENDED ACTION: School Board action is not required at this time. DRF/FGB/CPB/dtm/srn Attachments: Financial Summary of SRP participants Employees entering the SRP Employees exiting the 1st year of SRP Financial Summary of SRP participants: Part 1 - Detail a b c a-c b-c Operating Trust Fund Total SRP Total Fund Payment Payments Salary Savings Ending Benefit (175% Budgeted (Total (Total Available for Name # Salary of Salary up to Salary & Payments Payments Transfer to $95,000 Cap) Fringes during First after First Trust Year ) Year) IRVINE, VIVIAN K 1 $ 62,975 $ 110,206 $ 80,833 $ 14,123 $ 96,083 $ 66,710 ASTER, JAN F 2 63,275 110,731 81,218 14,191 96,541 67,028 FARLEY, CAROL E 3 61,602 107,804 79,070 13,816 93,988 65,255 PALISANO, ANNE L 4 61,268 107,219 78,641 13,741 93,478 64,901 DUBAY, CORINNE M 5 68,948 120,659 88,499 15,463 105,196 73,036 RAWES, JOY A 6 40,935 71,636 32,739 13,049 58,587 19,689 NALEPA, LORIE A 7 52,660 92,155 67,592 11,810 80,345 55,782 LEONG, HELENE G 8 64,040 112,070 82,200 14,362 97,708 67,838 BARILA, THEODORE 9 58,707 102,737 75,354 13,166 89,571 62,188 SPEERS, KAREN S 10 74,625 130,594 95,787 16,736 113,858 79,051 CUCAZ, JILL A 11 64,853 113,493 83,243 14,545 98,948 68,699 POLTRICK, DAWN M 12 16,068 28,119 20,624 7,539 20,580 13,085 EVANS, JANINE C 13 58,707 102,737 75,354 13,166 89,571 62,188 JOHNSON, KAREN P 14 77,658 135,902 99,679 17,416 118,485 82,263 HEGNER, KAREN L 15 73,545 128,704 94,400 16,494 112,210 77,906 BUTTA, AMIJEANNE L 16 74,122 129,714 95,140 16,623 113,090 78,517 ROSE, CHRISTINE L 17 58,707 102,737 75,354 13,166 89,571 62,188 HAZLEGROVE, DORIS E 18 60,788 106,379 78,026 13,633 92,746 64,393 DAVIDSON, BEVERLY M 19 55,099 96,423 70,723 12,357 84,066 58,366 HALLIGAN, KEVIN J 20 51,884 90,797 64,136 13,049 77,748 51,087 MARTIN, FRANCES M 21 55,911 97,844 71,765 12,539 85,305 59,226 FALK, GAIL L 22 65,537 114,690 84,122 14,698 99,992 69,423 HARRIS, SHARON B 23 77,414 135,475 99,366 19,098 116,377 80,268 TAYLOR II, LLOYD G 24 61,268 107,219 78,641 13,741 93,478 64,901 TUCKER, NANCY B 25 51,848 90,734 66,550 11,628 79,106 54,922 FLINN, BARBARA M 26 31,063 54,360 39,871 11,239 43,122 28,632 MULLINS, DEBORAH A 27 32,058 56,102 41,148 10,052 46,049 31,096 PARKER-ZINSKI, SUSAN 28 65,589 114,781 84,188 14,710 100,071 69,479 RAINEY, RHONDA M 29 39,778 69,612 51,058 13,049 56,562 38,009 HUGHES, HELEN R 30 61,602 107,804 79,070 13,816 93,988 65,255 CAMPBELL, SUE W 31 66,826 116,946 85,776 14,987 101,958 70,789 THOMAS, SANDRA M 32 69,140 120,995 88,746 15,506 105,489 73,240 ESTEP, LYNN A 33 63,038 110,317 80,914 14,138 96,179 66,776 ANDREWS, DANIEL M 34 54,098 94,672 66,873 13,346 81,326 53,527 TAYLOR, TAMMIE C 35 44,481 77,842 57,095 13,049 64,792 44,046 RANKIN, DAVID T 36 94,558 165,477 121,371 23,327 142,149 98,044 SMITH, ANNE L 37 18,933 33,133 24,302 7,539 25,593 16,763 BASL, DAVID K 38 55,478 97,087 56,221 13,686 83,400 42,535 BROWN, SUSAN A 39 35,513 62,148 32,164 10,052 52,095 22,111 WHITE, ROBIN E 40 63,828 111,699 81,928 14,315 97,384 67,613 LOWRY, DENISE S 41 60,788 106,379 78,026 13,633 92,746 64,393 OLIVER, PAULINE H 42 23,694 41,465 30,413 10,052 31,412 20,361 MILLHOUSE, LOUIS M 43 107,111 166,250 137,484 21,306 144,944 116,178 COX JR, RONALD R 44 54,440 95,270 69,878 12,209 83,061 57,668 BAILEY, DEBORAH G 45 62,414 109,225 80,112 13,998 95,227 66,115 AUXIER, LINDA C 46 34,991 61,234 44,914 13,049 48,185 31,864 SPAIN, DARLENE T 47 28,424 49,742 25,743 10,052 39,690 15,691 JENKINS, FLORENCE K 48 62,414 109,225 80,112 13,998 95,227 66,115 SOTH, DEBORAH R 49 31,002 54,254 39,793 10,052 44,201 29,741 MATHEWS, MARTHA S 50 56,725 99,269 72,811 12,722 86,547 60,089 BURNS JR, CHARLES S 51 94,816 165,928 121,702 23,391 142,537 98,311 LAVINKA, KIMBERLY D 52 55,293 96,763 69,553 12,401 84,362 57,152 ROOKS, MARANDA C 53 61,602 107,804 79,070 13,816 93,988 65,255 MOORE, SUSAN ELAINE 54 60,174 105,305 77,237 13,495 91,809 63,742 LIVICK, JANET S 55 58,707 102,737 75,354 13,166 89,571 62,188 KELLY, CYNTHIA C 56 63,228 110,649 81,158 14,180 96,469 66,978 BEYER, GABRIELE H 57 106,849 166,250 137,148 23,436 142,814 113,712 LIND, JUANITA A 58 31,063 54,360 39,871 11,239 43,122 28,632 KLEIN, ANDREA L 59 60,414 105,725 77,545 13,549 92,175 63,996 ROBERSON, BILL H 60 66,389 116,181 85,215 14,889 101,292 70,326 MILES, QUEEN 61 21,893 38,313 28,101 9,424 28,889 18,677 HEAD, CAROLINE S 62 54,440 95,270 68,480 12,209 83,061 56,270 BEARDSLEY, TERESA L 63 64,040 112,070 82,200 14,362 97,708 67,838 CAPEK, NANCY C 64 18,886 33,051 24,242 7,539 25,511 16,703 ZEITERS, DENNIS L 65 84,576 148,008 108,560 20,865 127,143 87,695 ALT, CHRISTINE B 66 22,647 39,632 29,069 8,168 31,465 20,901 CARR, BRYAN D 67 96,374 166,250 123,702 23,436 142,814 100,266 LOWERY, LORI S 68 63,228 110,649 81,158 14,180 96,469 66,978 PAGE-DAILEY, MARY M 69 66,389 116,181 85,215 14,889 101,292 70,326 PARSON, DELORES M 70 40,359 70,628 51,803 13,049 57,579 38,754 BARRILLE, VIVIAN A 71 21,192 37,086 27,202 8,168 28,918 19,034 BOGDANOWICZ, JAMES A 72 70,168 122,794 90,065 15,737 107,057 74,328 OWEN, BARRIE P 73 61,268 107,219 78,641 13,741 93,478 64,901 HOUGHTON, DEBORAH D 74 57,926 101,371 74,353 12,991 88,379 61,361 TOTAL 74 $ 4,232,351 $ 7,362,280 $ 5,365,716 $ 1,026,354 $ 6,335,926 $ 4,339,362 Financial Summary of SRP participants: Part 2 - Summary Participants 74 Total Available Salary Savings $ 4,339,362 FY2019 Adopted Budget 6,100,000 Total Available Funds for Transfer to Trust 10,439,362 Estimated Benefit Payment 13,962,070 Variance $ (3,522,708) CHESTERFIELD COUNTY PUBLIC SCHOOLS CHESTERFIELD, VIRGINIA DATE: June 12, 2018 TO: School Board FROM: Donald R. Fairheart Interim Superintendent SUBJECT: Employees Participating in SRP 2018-2019 SRP PARTICIPANTS Name Position Assignment Effective Date JUANITA LIND SECRETARY BELLWOOD ELEMENTARY 9/1/18 BEVERLY DAVIDSON T-FOURTH GRADE BELLWOOD ELEMENTARY 9/1/18 CAROLINE HEAD T-TITLE I BENSLEY ELEMENTARY 9/1/18 HELEN HUGHES T-FIRST GRADE BON AIR ELEMENTARY 9/1/18 TERESA BEARDSLEY T-FOURTH GRADE BON AIR ELEMENTARY 9/1/18 QUEEN MILES IA GE TITLE I CHALKLEY ELEMENTARY 10/1/18 DAWN POLTRICK IA GE CURTIS ELEMENTARY 10/1/18 DORIS HAZLEGROVE T-FIRST GRADE ENON ELEMENTARY 9/1/18 ANNE SMITH IA GE EVERGREEN ELEMENTARY 10/1/18 JILL CUCAZ T-FIFTH GRADE EVERGREEN ELEMENTARY 9/1/18 MARANDA ROOKS T-FOURTH GRADE EVERGREEN ELEMENTARY 9/1/18 BARRIE OWEN T-INTELLECTUAL DISAB-SEVERE EVERGREEN ELEMENTARY 9/1/18 FRANCES MARTIN T-PHYSICAL EDUCATION EVERGREEN ELEMENTARY 9/1/18 NANCY TUCKER T-SECOND GRADE EVERGREEN ELEMENTARY 9/1/18 KIMBERLY LAVINKA T-TITLE I FALLING CREEK ELEM 9/1/18 MARTHA MATHEWS T-THIRD GRADE GORDON ELEMENTARY 9/1/18 FLORENCE JENKINS T-FOURTH GRADE GREENFIELD ELEMENTARY 9/1/18 ROBIN WHITE SCHOOL COUNSELOR ELEMENTARY HOPKINS ELEMENTARY 9/1/18 CYNTHIA KELLY T-THIRD GRADE JACOBS ROAD ELEMENTARY 9/1/18 RONALD COX JR T-SECOND GRADE MATOACA ELEMENTARY 9/1/18 SUE CAMPBELL T-FOURTH GRADE PROVIDENCE ELEMENTARY 9/1/18 JANET LIVICK T-SPECIFIC LEARNING DISABILITY PROVIDENCE ELEMENTARY 9/1/18 ANNE PALISANO T-PRESCHOOL SALEM ELEMENTARY 9/1/18 NANCY CAPEK IA GE WATKINS ELEMENTARY 10/1/18 DEBORAH BAILEY T-SOCIAL STUDIES CARVER MIDDLE 9/1/18 SUSAN MOORE LIBRARIAN-SEC DAVIS MIDDLE 9/1/18 LORIE NALEPA T-LANG ARTS FALLING CREEK MIDDLE 9/1/18 SUSAN PARKER-ZINSKI T-MUSIC-VOCAL MIDLOTHIAN MIDDLE 9/1/18 HELENE LEONG T-MATHEMATICS PROVIDENCE MIDDLE 9/1/18 PAULINE OLIVER OFFICE ASSISTANT SR BIRD HIGH 10/1/18 CHARLES BURNS JR COORDINATOR MATH/SCIENCE HS CLOVER HILL HIGH 8/1/18 SANDRA THOMAS T-MUSIC-VOCAL CLOVER HILL HIGH 9/1/18 JANINE EVANS T-PIANO CLOVER HILL HIGH 9/1/18 JAMES BOGDANOWICZ T-SOCIAL STUDIES CLOVER HILL HIGH 9/1/18 RHONDA RAINEY SCHOOL COUNSELING TECHNICIAN COSBY HIGH 8/1/18 MARY PAGE-DAILEY T-ENGLISH COSBY HIGH 9/1/18 LORI LOWERY T-SPANISH COSBY HIGH 9/1/18 THEODORE BARILA T-SPECIFIC LEARNING DISABILITY COSBY HIGH 9/1/18 LOUIS MILLHOUSE ASST PRINCIPAL HIGH MANCHESTER HIGH 8/1/18 VIVIAN BARRILLE PROGRAM TECH I SPECIAL ED MANCHESTER HIGH 10/1/18 DEBORAH HOUGHTON T-GERMAN MANCHESTER HIGH 9/1/18 VIVIAN IRVINE T-MATHEMATICS MANCHESTER HIGH 9/1/18 CHRISTINE ALT IA SE OHI MATOACA HIGH 10/1/18 CORINNE DUBAY T-PE/HEALTH MONACAN HIGH 9/1/18 BILL ROBERSON T-SCIENCE MONACAN HIGH 9/1/18 DENISE LOWRY