Locally Controlled Retirement Incentive Plans Can Not Be “Offered” in Cities, Counties, and Special Districts per new Pension Reform ActCategories: Hot Sheets,Legislative Updates,State Developments
Act Now to Implement a PARS Incentive
As of December 31, 2012, cities, counties, and special districts will lose a valuable tool to prevent layoffs and reduce labor costs. Supplemental defined benefit plans, such as locally controlled early retirement incentive programs, will be prohibited after that date under the Public Employees Pension Reform Act (PEPRA-AB 340) enacted into law last week.
Right now, your agency can still offer these plans if your governing board adopts the plan through resolution prior to December 31, 2012. If interested, contact PARS immediately for more details.
Why Use PARS?
You can completely control and customize the plan to fit your organization’s specific fiscal and workforce management needs — using the analysis, design, and administrative expertise of PARS. PARS has implemented over 600 retirement incentives for public agencies in California since 1983.
Contact PARS with any questions at 800.540.6369
Mitch Barker, Executive Vice President, 800.540.6369 x 116, firstname.lastname@example.org
Dennis Yu, Senior Vice President, 800.540.6369 x 104, email@example.com
Kevin O’Rourke, Senior Consultant, 707.330.9627, firstname.lastname@example.org