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Chapter 3. Audits Of California K-12 Local Education Agencies. Article 3. State Compliance Procedures: Local Education Agencies Other Than Charter Schools. Early Retirement Incentive.   

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For fiscal years 2003-04 and 2004-05, perform the following procedures:

(a) Obtain a copy of the certification required by Education Code sections 22714, 22714.5, and 44929 and verify that the school district received approval from the county office of education or that the county office of education received approval from the Superintendent of Public Instruction as appropriate.

(b) Verify that the reason(s) contained in the certification are consistent with the results of the early retirement incentive program.

(c) Verify the data disclosed as a result of the district's or county office's adoption of the early retirement incentive program.

(d) Include a disclosure in the Notes to the Basic Financial Statements that presents the number and type of positions vacated; the age, service credit, salary, and, separately, the benefits of the retirees receiving additional service credit; a comparison of the salary and benefits of each retiree with the salary and benefits of the replacement employee, if any; the resulting retirement cost, including interest, if any, and postretirement health benefit costs, incurred by the employer.

Authority cited:

Education Code 14502.1

Reference:

Education Code 14502.1

Education Code 14503

Education Code 41020

(Amended by Register 2007, No. 37.)