PARS Plans & Products
Retirement and Separation Incentives (SRP and SIP)

PARS Retirement and Separation Incentives are designed to increase and accelerate the retirement rate over and above natural attrition.  This enables an agency to accomplish specific objectives such as fiscal savings, personnel restructuring, program enhancement, etc.  Fiscal savings are driven by:

  • Retirement of employees  high on the salary  schedule and

  • Replacement with employees lower on the salary schedule

PARS-SRP and PARS-SIP provide valuable benefits to departing employees and increased bargaining flexibility to both the Agency and bargaining units, producing a win-win situation for both the Agency and employees.

Some of the benefits include:

Agency Benefits

Reduced Compensation Costs
Opportunity for Staff Reorganization
Opportunity for Program Enhancement
Customized Tax-Qualified Plan
PARS "Turn-Key" Plan Administration
 

Employee Benefits

Increased Retirement/Separation Income
Choice of Payout Options
IRA or Qualified Plan Rollover
Opportunity to Retire Earlier
Personalized Enrollment Process
Toll-Free Service Telephone Access
 

What's in it for the Employee?

Additional income from PARS plans can enable employees to retire or depart earlier.

Savings Calculation Method

A PARS Analysis is based on actual demographics of eligible employees:

  Retirement Income
without SRP/SIP
  Retirement Income
with SRP/SIP

Compensation Differential
 (Departing Employees
versus Replacements)

        Salary Savings
     -  Retiree Health Care Costs
     -  Retirement Incentive Costs
     -  Natural Attrition Loss
     =  Net Savings

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.