PARS Is Here to Fulfill Your Cost-Saving NeedsCategories: Hot Sheets
Texas public agencies, like many of their counterparts across the country, face shrinking budgets and increased responsibility to provide for employees. PARS is designed exclusively for the unique employee benefit needs of school districts, colleges, cities and counties. With current assets totaling more than $1 billion, more than 725 public agencies have saved millions through PARS with flexible, cost-effective retirement plans for nearly 30 years. PARS has been helping Texas educational agencies save money with innovative services since 2000.
PARS can help your school district address the challenges that arise in these difficult fiscal times. PARS designs plans to meet each school district’s individual needs. Whether you need to address budget cuts, personnel restructuring, or provide added employee benefits, we can tailor a plan to meet your objectives.
Tax Deferred Separation Incentive Plan (Exit Incentive) – PARS is one of the few companies with a primary focus on analysis, design and implementation of separation incentive plans for public agencies. Since 1983, PARS has helped public agencies create customized exit incentives to save dollars and reduce labor costs. By offering tax deferred exit incentives, school districts can fund the plan for up to five years after separation of service.
- Offer employees a benefit at separation that has more tax advantages than a severance check and is less costly to the district
- Benefit Payout Options include Lifetime, Joint-and-Survivor or Fixed Payments paid monthly for 5 to 15 years
PARS will provide a no-cost, comprehensive analysis detailing the impact of offering an exit incentive.
Alternative to Social Security (FICA Alternative Plan) – PARS offers an Alternative to Social Security for part-time employees in order to provide a valuable benefit for employees and provide permanent payroll savings to the District. In lieu of contributing 12.4% to Social Security (split equally at 6.2% for the employer and the employee), the contribution amount to the PARS plan is only 7.5% and is made with pre-tax dollars. The school district determines the employee – employer split.
WHY CHOOSE PARS?
PARS is a national company that works on a fee-for-service basis only. We disclose all costs or program charges up-front. Our fee disclosure policy ensures that we work without the bias that comes when a company is paid from a particular investment product.
PARS concentrates on administering a few types of plans well. Assigned representatives provide personal customer service, giving agencies and participants answers and solutions promptly and effectively.
Contact a PARS consultant today,