To combat the unfunded pension liability, the Escondido City Council approved a Section 115 Irrevocable Pension Trust, along with pension funding options and a policy on the use of one-time money. An initial deposit from the Reserve for PERS Rate Smoothing is required to fund the program.
Escondido follows in the footsteps of 128 other public agencies in implementing the PARS Pension Rate Stabilization Program.read more...
School Services of California by Sheila G. Vickers, November 2017 As state revenues for education are slowing down, and as many schools and community colleges are declining in enrollment, we are hearing from many of youread more...
Boston Business Journal by Jessica Bartlett and Greg Ryan, November 16, 2017 While the state’s pension woes have generated consistent newspaper headlines, as well as efforts reform on Beacon Hill. But the problem of fundingread more...
On May 24 in Framingham, Massachusetts, PARS, Vanguard and Odyssey Advisors lead a productive “Lunch & Learn” session to help demystify the coming changes to OPEB accounting standards for municipal entities as it relates to their retiree medical programs.
GASB 74 & GASB 75 represent a significant change from the current standards and they shared the key points about how it will impact financial statements, when it’s effective and what can be done now to prepare.read more...
The Weymouth town council approved a proposal to enroll Weymouth post retirement health care for municipal employees in the Plymouth County OPEB Trust (PCOT) fund to comply with new financial recording requirements by the Governmental Accounting Standards Board. Councilor-at-large Michael Molisse , chairman of the budget-management committee said, ” a lot of work was done and they (PCOT) were highly recommended. I think it will be good.”read more...