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PARS Plans &
Products
Alternate Retirement System (ARS)
Since 1991, 125 public
agencies have saved more than $150 million using the PARS
Alternate Retirement System (ARS) as an alternative to Social
Security/FICA for Part-time, Seasonal and Temporary Employees (PST's).
Meeting the requirements
of Internal Revenue Code Section 3121(b)(7)(F), PARS-ARS can
permanently reduce an agency's payroll cost, as well as provide a
valuable benefit to eligible employees. PARS-ARS is a
win-win for both the agency and covered employees.
Some of the benefits
include:
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Agency
Benefits
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Permanent reduction
of payroll costs from 12.4% (Social Security/FICA) to 7.5% (PARS)
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Allows negotiation on
agency-employee contribution split (minimum 7.5% split in any manner
between agency and employee)
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Defined Contribution
format prevents unknown future obligations
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PARS "Turn-Key" Plan
Administration
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Employee Benefits
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Pre-tax Contribution
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100% vesting from
first day of coverage
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Lump-sum distribution
at termination, retirement, disability or death
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Can purchase other
qualified retirement plan service credit with pre-tax distribution
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In-service
distribution to "inactive" employees
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IRA or Qualified Plan
rollover
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Your Agency Could Save Thousands Like
This Every Year!
Contact a PARS consultant today
at:
(800) 540-6369
The information and analysis provided in
this publication is
based upon PARS' understanding of the facts.
Before taking any action based on this information and analysis,
the agency should consult
with its professional advisors.
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