In December, Napa Valley Unified School District contracted with PARS to devise an incentive program for older teachers and other employees to retire at the end of the school year. A total of 66 district employees (52 teachers), out of 228 who were eligible for it, took the incentive. The District estimates the retirements will save NVUSD nearly $3 million in salaries and benefits next year — and $14.5 million over five years.read more...
Community College League of California, in partnership with PARS, is offering community college districts the PARS-CCLC Pension Rate Stabilization Program (PRSP) — an innovative IRC Section 115 irrevocable trust designed to prefund pension costs and help districts get ahead of rising STRS/PERS rate increases.read more...
Based on the FY 2015/16 investment return of 0.6 percent, far short of the expected rate of 7.5 percent, CalPERS’ overall funded status dropped to about 68 percent. Along with the decline in the funded status, employer contributions will eventually increase in the future to make up for another year of lower than expected returns. Higher employer contribution rates impose significant financial stress for some employers, which may increase the risk that employers will default and be unable to make regular contributions.read more...
In addition to serving Plymouth County, the Plymouth County OPEB Trust Program (PCOT) is an OPEB prefunding solution for three other counties in Southeastern Massachusetts – Bristol, Barnstable and Norfolk.read more...