Innovative New OPEB Trust Solution Comes to FloridaCategories: Hot Sheets,OPEB/GASB 45/75
Public agencies across Florida can now pre-fund their retiree health care or “OPEB” benefits by joining one of the largest and most successful OPEB trusts in the nation, with 144 public entities and nearly $1 billion of assets.
The GASB-45 compliant, IRS-approved trust program administered by PARS combines the economies of scale of a multiple-employer trust with the local control of administering your own trust.
We bring your agency security and protection from the nation’s largest OPEB trustee and 5th largest commercial bank, U.S. Bank alongside the specialization of PARS which has a 30 year track record of administering retirement trusts and plans for more than 760 public agencies.
The PARS OPEB Trust Program offers the following key advantages:
- Significant savings from economies of scale of a large trust
- A low cost approach with no upfront costs and low investment fees
- Fees that decrease as assets in the trust grow
- No minimum contributions or funding requirements
- No long and costly IRS approval process – PLR already acquired
- Quick implementation process – in days not months
- No burden on your staff due to PARS’ turn-key services
- Local control of your own trust account with no risk sharing or red tape
- Flexible investment options created for OPEB funding
- Signature ready trust documents and ongoing compliance monitoring
- Program compliance with state laws
- GASB 45 compliant trust ensuring your funds are considered assets on financial statements
- Multiple investment strategies and pools designed for OPEB investing
- Value added Services that include consulting, actuarial coordination and program analysis
Why go through the involved process of setting-up your own OPEB trust? Our well-established program that has been designed for all types of agencies, regardless of size, is as simple and cost effective as possible for you. Avoid the high cost asset management, increased risks, and legal and start-up fees associated with running your own trust. Contact PARS to develop a comprehensive plan of action that is designed specifically to meet your agency’s unique needs.
For more information on our OPEB Trust Program, please contact Maureen Toal at 844-540-OPEB (6732) or firstname.lastname@example.org.