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 122 other public agencies including La Mesa, Coronado, National City and Solana Beach in implementing a Pension Stabilization Program. Public Agency Retirement Services (PARS) was awarded the agreement from the city.read more...
Does the California State Teachers’ Retirement System (CalSTRS) Board have the authority to make rate adjustments after the last statutory increase is implemented in 2020-21?read more...
At its April 11 meeting, the Moorpart USD board of trustees voted 4-0 to implement the PARS Supplementary Retirement Plan (SRP), a move that will reduce payroll costs and save the district millions over five years.read more...
On April 6, 2017, the California State Teachers’ Retirement System (CalSTRS) Board adopted the latest actuarial valuation of the retirement system. Despite increases in contribution rates by members, employers, and the state, the funded ratio decreased from 68.5% to 63.7%, and the unfunded actuarial obligation (commonly called the unfunded liability) increased from $76.2 billion to $96.7 billion.read more...