California Developments

10
May
2017

Does the CalSTRS Board Have Authority to Increase Rates After Last Statutory Increase?

Categories: California Developments,Pension Rate Stabilization

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?

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26
Apr
2017

PARS Retirement Package entices 35 Moorpark Unified Teachers

Categories: California Developments,Early Retirement Incentives,PARS In the News

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.

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10
Apr
2017

CalSTRS Unfunded Liability and State Contribution Rate Increases

Categories: California Developments,Pension Rate Stabilization

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.

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02
Mar
2017

Napa Valley USD Saves Millions with PARS Early Retirement Incentive

Categories: California Developments,Early Retirement Incentives,PARS In the News

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.

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09
Jan
2017

Community College League of California Partners with PARS on Pension Prefunding

Categories: California Developments,PARS In the News,Pension Rate Stabilization

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.

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