1. Prepared by: Ed Maduli June 4, 2013
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: Banked Load Limit
Basis of Accrual
< 1.0
Prevailing part-time faculty rate
1.0
Full-time faculty rate
>1.0 but <2.0
First 1.0 at full-time faculty rate, excess at part-time faculty rate
2.0
> 2.0
First 2.0 at full-time faculty rate, excess at part-time faculty rate

6. VACATIONS Earned Monthly (HRS) Carryover (HRS) MANAGERS 1-5 years
14.67
352
> 5 years
16.67
400
CONFIDENTIALS
1-10 years
> 10 years
16.00
384
TEAMSTERS
> 1 year

7. VACATIONS (continued)
WVMCEA
Years of Service
Earned Monthly (HRS)
Carryover (HRS)
1-3 years
6.250
150
4-6 years
9.375
225
7-8 years
10.00
240
9-10 years
10.625
255
11 years
11.250
270
> 12 years
13.750
330

8. VACATIONS (continued)
POA
Years of Service
Earned Monthly (HRS)
Carryover (HRS)
1-4 years
6.667
160
5-6 years
10.000
240
7-8 years
10.667
256
9-10 years
11.333
272
11 years
12.000
288
>12 years
13.333
320

10. 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.

12. 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.

14. 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 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).

16. CalPERS Retirement Benefit Calculation Service Credit Benefit Factor
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)

17. Total District Cost
2,194,381
2,142,624
2,326,918
2,419,274
2,475,482 (est)
2,608,006 (est)

18. Total District Cost
182,323
159,612
151,907
191,201
245,154 (est)
253,796 (est)

19. 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%

20. Total District Cost
3,323,922
3,020,888
3,008,578
2,996,818
3,538,590(est)
3,611,679 (est)