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Joseph
Joseph, Lawyer
Category: California Employment Law
Satisfied Customers: 5299
Experience:  Extensive experience representing employees and management
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I have received an employment termination letter from my Executive

Resolved Question:

I have received an employment termination letter from my Executive Director. We are shutting down because we need to fund our CALPERS retirement plan. One no longer works here and is the current City Manager for Sacramento, the other will be retiring at the end of April and hired back on contract, to shut the organization down.

From where I sit I see this as CRA (my employer) is shutting down to fund the retirement of two people, the rest of us, although vested, will not get much benefit from CALPERS because we have only been in it for a few years.

My question is does my board of directors have a fiduciary responsibility to fund my retirement in full? From what I have been told CRA would need to come up with $1.7M and does not have that much money. So what does that do to my benefit?
Submitted: 5 years ago.
Category: California Employment Law
Expert:  Joseph replied 5 years ago.
Hello and welcome to JustAnswer.

I'm sorry to hear about your situation and hope I can help.

Unfortunately, unless you have an employment agreement with your employer that your retirement will be fully funded, the board of directors wouldn't have a fiduciary responsibility to you to fund your retirement in full.

I understand the frustration that you must be dealing with, and I wish I could provide you with better news, but I hope you appreciate a direct and honest answer to your question.
Joseph and other California Employment Law Specialists are ready to help you
Customer: replied 5 years ago.
I am pretty sure I do have an employment agreement. I will check.
Expert:  Joseph replied 5 years ago.
Thanks.