PARS Earns IRS Private Letter Ruling for Its Pension Pre-Funding SolutionCategories: National Developments,PARS In the News,Pension Rate Stabilization
Newport Beach, Calif. (July 31, 2015)
PARS, a leading provider of local government controlled retirement programs, has received a first of its kind Private Letter Ruling from the Internal Revenue Service (IRS) for its pension pre-funding solution, the Pension Rate Stabilization Program (PRSP). The PARS PRSP allows public agencies to safely and securely set aside funds, separate and apart from state or county retirement systems, in a tax-exempt irrevocable trust to reduce pension liabilities and stabilize pension costs. Participating agencies maintain local control over the assets held in the Trust, and can determine the appropriate goals and risk tolerance level for the investments.
“PARS is excited to have received a favorable Private Letter Ruling from the Internal Revenue Service for pension pre-funding” said Dennis Yu, Senior Vice President of PARS. “The ruling from the IRS highlights our enduring commitment to provide our clients with not only new, innovative and flexible products, but assured solutions that help them achieve their financial goals.”
PARS is the trusted consultant and provider of custom public agency retirement programs for over 30 years. PARS retirement services are designed specifically for each public agency’s unique needs with the underlying objective of providing superior employee benefits while increasing management effectiveness, reducing operating costs and relieving staff administrative burdens. PARS serves more than 780 local government clients with over 375,000 plan participants in nine states. The PARS Team fosters a collaborative and highly responsive service-oriented relationship with each individual public agency from the beginning stages of program design and implementation through ongoing administration and beyond.