Frequently Asked Questions (FAQs) about the Supplemental Employee Retirement Plan

All forms of benefits are annuities that will be purchased from an insurance company. Eligible retiring employees may choose to receive monthly income in one of the nine benefit payment options from 5 years to lifetime.

There is no lump sum payout option.

The SERP benefit is based on a percentage of your current base salary specified by your district. You will receive your estimated benefit options based on your salary during your individual counseling session. 

Annual base salary plus longevity. No add-ons or stipends are included.

Yes, any payment that is not categorized as a rollover is considered income and taxable in the year in which it is received.

Yes, if you select a 5 to 9-year period certain option, you may rollover your SERP payments to a traditional IRA, Roth IRA, 403(b), or any other qualified account.

If you select a 5 to 9-year period certain option, you may rollover anywhere between 0% to 100% if you are under the age of 73. Per IRS rules, rollovers are not permitted after the age of 73. All SERP payment for those after age 73 must be taken as income in the year in which it is received.

Yes, you can divide your monthly benefit between income and rollover for a period of 5 to 9 years. You can choose any percentage for this split and adjust the rollover percentage until you reach age 73.

August 1, 2025, regardless of your retirement date. 

No, if you pass away prior to the guaranteed period, payments will be made to the elected beneficiary (or beneficiaries) for the remaining guaranteed period of the annuity.

Yes, you may change your beneficiary up to two times per year.

Yes, to participate in the SERP, you must retire or resign between the last day of your assigned calendar and June 30, 2025. 

Applications are accepted electronically via DocuSign. Individuals who sign up for a counseling meeting with Keenan will be sent a DocuSign application to review and/or complete.

No, packets are to be completed only if you would like to participate in the SERP.  It is recommended that you wait to meet with your counselor before you complete your application. 

January 3, 2025, or at least 24 hours prior to your appointment time if you scheduled an appointment after this date. 

1. Employee must be a Certificated (Management or Non-Management), Classified (Management or Non-Management), Supervisory or Confidential employee of the San Francisco Unified School District in a permanent position.
2. Employee must be in a paid and active status with the District as of the last day of their assigned calendar.
3. Employee must be at least 55 years of age with 5 years of consecutive service with the District by June 30, 2025.
4. Employee must retire or resign from the District on or before June 30, 2025.
5. Employee must submit a completed SERP Enrollment Package, a Letter of Resignation, and an Irrevocable Letter of SERP Participation via DocuSign no later than February 21, 2025.

The requirement is 5 years of full-time continuous service. Specific cases, such as breaks in service, should be verified with District HR.

This should be verified with District HR to confirm eligibility.

Yes, permanent paraeducators qualify for the SERP, provided they meet the other eligibility requirements.

Yes, if you are a permanent employee of SFUSD, provided you meet the other eligibility requirements.

A SERP is an incentive to provide eligible employees a monthly income supplement to their regular CalSTRS, SFERS, or CalPERS retirement income. The SERP is a fixed guaranteed 403(b) group annuity.

No, the annuity from the SERP is in addition to the pension benefits from CalSTRS/SFERS.

Typically, no. However, it is recommended to check with your district and CalSTRS/SFERS to see how it may affect your pension and/or retiree medical benefits.

There is no minimum number of participants required for the SERP to be approve. The approval of the plan is based on the results of a final cost analysis of the final retiring population. Keenan will deliver a financial analysis to the District on or by March 5, 2025.

No, you may rescind your resignation if the SERP is not implemented.

The last day of one’s assigned calendar will vary among different employes. You can login to the employee website and navigate to the calendar to confirm the last day of the assigned calendar for your specific position. You may also reach out to HR.

You must complete the assigned calendar year based on your position to be eligible for the SERP. You can login to the employee website and navigate to the calendar to confirm the last day of the assigned calendar for your specific position. You may retire or resign any time between the last day of your assigned calendar and June 30, 2025.

SFERS and CalSTRS may have a waiting period and/or restrictions on returning to a SFERS or CalSTRS position after you have retired. Please contact them directly to confirm. SFERS 415-487-7000 or CalSTRS 800-228-5453

A decision will be made after the board meeting on March 11, 2025. The District will communicate the approval decision shortly thereafter.

This offering is separate from your retiree health benefits eligibility. Your eligibility for retiree health benefits depends on meeting specific requirements outlined in your contract (if you are represented) and is not impacted by your choice to participate in the SERP. To be eligible to enroll in retiree health benefits you must retire from both SFUSD and your pension system (CalSTRS/SFERS).

No. You cannot purchase years of service to be eligible for retiree health benefits. Eligibility is determined by other factors such as age, years of service, classification, bargaining unit and active employee status at the time of retirement.

If you submit your DocuSign SERP participation packet, that information will be submitted to HR. No action will be needed from you until the SERP moves forward or is rescinded. If the SERP moves forward in March, your DocuSign packet counts as your official notice of separation to the district.

The recommitment process and the early resignation/retirement incentive will run separately from the SERP. Employees who will be participating in the SERP will not be eligible to receive the resignation/retirement incentives in February and March. If the SERP does not move forward, those who submitted their resignation/retirement requests within the annual incentive window (Jan - March) will receive their District resignation/retirement incentive (varies by bargaining unit and classification).

• If you are a Classified Civil Service employee, retirement health benefits eligibility is determined by SFERS (San Francisco Employees Retirement System), you may attend a SFERS webinar or schedule a retirement consultation with a SFERS representative by visiting www.mysfers.org.
• For certificated retirees considering the SERP, HR recommends that you participate in INDIVIDUAL COUNSELING sessions with CalSTRS (pension) and a District Benefits team member (retiree health benefits).  You can visit www.calstrs.com to schedule an appointment, attend retirement webinars and access a retirement income calculator.  You may also schedule health benefits consultations with HR by visiting https://go.oncehub.com/SFUSDBenefits.
• For Paraeducators considering the SERP, HR recommends scheduling a meeting with the Social Security Administration to discuss the retirement process. You can do this by visiting your local SSA office. Visit www.ssa.gov/locator to find an office near you. You should also meet with a District Benefits team member (retiree health benefits). You may also schedule a health benefits consultation with HR by visiting https://go.oncehub.com/SFUSDBenefits.

If you are not eligible for retiree health benefits, you can discuss options at your individual counseling session or shop the marketplace.

After you retire, HR will send you confirmation of your eligibility for retiree health benefits. You can also review your health benefits package during your retirement planning meetings with HR to ensure that all necessary steps have been taken.

The group education meetings have been recorded and available on sfusd.edu/serp for you to review. Also, you can schedule a meeting to meet individually with a SERP counselor on January 6, 2025 – January 17, 2025, at https://sfusdserp.appointy.com.

You may schedule an appointment at https://sfusdserp.appointy.com or call Keenan at 800-444-9995, ext. 3671.

The announcement letter, presentation slides, handouts, and group meeting recordings are available on sfusd.edu/serp.

To receive an enrollment packet, schedule an individual counseling session with Keenan. Your enrollment packet and estimated benefit sheet with your salary-specific monthly payment estimates will be emailed to you the day prior to your individual counseling session. Your counselor will also have a copy of your estimated benefit sheet available for you at your individual counseling meeting. All enrollment packets must be completed and submitted through DocuSign by February 21, 2025.

Making a retirement decision involves coordinating various agencies and retirement accounts. The SERP is separate from and in addition to your other retirement vehicles. It does not affect these other vehicles and has different eligibility, timing, and administrative rules. It is best to meet individually with each significant entity that will provide you with benefits during your retirement. This will help you gather a comprehensive understanding of your retirement finances and benefits. Below is a list of common retirement agencies you should consider contacting. Everyone’s retirement accounts and finances are different, so it is up to you to coordinate with the entities most relevant to you.

• SERP - Schedule an appointment at https://sfusdserp.appointy.com to meet with an individual counselor and receive you personalized benefit sheet and enrollment packet
• Keenan Customer Service – Please direct any SERP related questions to Keenan by calling 800-444-9995 x3671 or emailing KFStechsupport@keenan.com.
• CalSTRS – Schedule an individual appointment with a CalSTRS counselor by calling 800-228-5453 or visit www.calstrs.com.
• SFERS - You may attend a SFERS webinar schedule a retirement consultation with a SFERS representative by visiting www.mysfers.org.
• CalPERS - Schedule an individual appointment with a CalPERS counselor by calling 888-CalPERS (or 888-225-7377) or visit www.calpers.ca.gov.
• Retiree Medical Benefits – You may schedule an appointment to consult with a District Benefits team member by visiting https://go.oncehub.com/SFUSDBenefits.
• Social Security and Medicare - If you are eligible for monthly income payments or Medicare benefits, you can contact Social Security at 800-772-1213.