Pension Reform Act has Minimal Impact on PARS Early Retirement Incentive Design for SchoolsCategories: California Developments,Early Retirement Incentives,Hot Sheets,Legislative Updates
The Public Employees Pension Reform Act (PEPRA-AB 340), enacted into law last week, restricts the way early retirement incentives can be designed. Fortunately, PARS for the last six years has innovatively designed all its school district early retirement incentives (or “SRPs”) as 403(b) defined contribution plans, which are affected very little by this pension law.
If your district is considering a SRP this fiscal year and in the future, you will need to be aware of the implications of this major new retirement plan law — which takes effect January 1, 2013. For more information on PEPRA and PARS SRPs please call us at (800) 540-6369.
PARS is the leading specialist in the design and administration of customized, locally controlled early retirement incentives in California, having implemented over 600 programs since 1983.
PARS offers a complimentary analysis to determine the feasibility of implementing a SRP as a cost cutting tool for your district.
Contact one of the consultants listed or call PARS with any questions at 800.540.6369 x 127.
Eric O’Leary, Senior Vice President, 800.540.6369 x 124, email@example.com
Dennis Yu, Senior Vice President, 800.540.6369 x 104, firstname.lastname@example.org
Natasha Davidson, Consultant, 800.540.6369 x 145, email@example.com
Maureen Toal, Vice President, 800.540.6369 x 135, firstname.lastname@example.org