Innovative, New OPEB Trust Solution Comes to ConnecticutCategories: Hot Sheets,New England Developments,OPEB/GASB 45/75
Connecticut municipalities can now prefund their retiree health care or “OPEB” benefits by joining one of the largest and most successful OPEB trusts in the nation, with 140 public entities and nearly $1 billion of assets and growing.
Our GASB-45 compliant, IRS-approved trust program combines the economies of scale of a multiple-employer trust with the local control of administering your own trust.
We bring to your municipality the security of the nation’s largest OPEB trustee and 5th largest commercial bank, U.S. Bank and the specialization of PARS with a 30 year track record of administering retirement trusts and plans for more than 680 public agencies.
The PARS-U.S. Bank OPEB Trust Program offers these key advantages:
- Significant savings from economies of scale of a large trust
- Low cost with no upfront costs and low investment fees
- Fees that decrease as assets grow
- No minimum contribution and no funding requirements
- No long and costly IRS approval process – PLR already acquired
- Quick implementation possible – in days not months
- Offload the burden from your staff with PARS’ turn-key services
- Local control of own trust account with no risk sharing or red tape
- Flexible investment options created for OPEB funding
- New England-based service team
- Signature ready trust documents and ongoing compliance services
- Vetted for compliance with state law by our Connecticut attorneys
- GASB 45 compliant trust ensuring your funds are considered assets on financial statements
- Multiple investment strategies and pools designed for OPEB investing
- Valued added OPEB benefit consulting
- Designed for all types of municipalities, regardless of size
Why go through the involved process of setting-up your own OPEB trust? Our well-established program is as simple and cost effective as possible for you. Avoid high cost asset management, increased risks, and legal and start-up fees of running your own trust.
For more information on our OPEB Trust Program, please contact Maureen Toal or Kathryn Cannie at 844-540-OPEB (6732) or firstname.lastname@example.org.