IRS has yet to rule on releasing funds for other active paras
The SFUSD Director of Labor Relations has informed UESF that the district will authorize PARS to process distributions of PARS retirement accounts on July 6, 2012 for paras who submitted their retirement between October 12, 2011 and June 30, 2012.
According to the district, if an employee who has submitted their retirement calls PARS during the month of June, he/she will continue to be told that the funds are frozen.
After months of delay, the SFUSD will finally transition paras out of the PARS retirement system and into Social Security, starting with the pay period beginning October 12, 2011. Last year paraprofessionals voted overwhelmingly to enter Social Security, a far superior retirement option to PARS.
According to the agreement with the SFUSD that was approved in the para vote, all assets already earned by paras in the PARS system will be transferred into an account that will be under the control of the individual para, not the district. Those funds can be invested in a variety of different options, including a 403(b) plan or a tax-sheltered annuity. Continue reading →
Watch this powerful video featuring paraprofessional Teanna Tillery, as she explains the great work that she does every day in San Francisco Schools. Dozens of paras, including Teanna, are still without a job in SFUSD. We are in danger of losing these valuable employees, and the important work they do to keep our most at-risk students in school.