PARS In the News

27
Mar
2015

Moraga-Orinda Fire District OKs PARS health care trust

Categories: California Developments,OPEB/GASB 45,PARS In the News

Moraga-Orinda Fire District officials have agreed to set up a trust and begin funding $16.9 million in future retiree health care benefits. Governing board members voted March 18 to establish the trust with Public Agency Retirement Services, or PARS, a private trust administration program. The district plans to deposit $84,000 into the US Bank trust, invest the funds and use the earnings to pay for $16.9 million in "other postemployment benefits," or OPEB, the district has promised its employees.

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24
Mar
2015

Options to Consider When Facing Increasing Liabilities and Contribution Rates

Categories: California Developments,OPEB/GASB 45,PARS In the News

During a recent seminar segment presented by John Bartel, aka resident actuarial expert. A big topic on his list of presentation items was called “Paying Down Unfunded Liability and Rate Stabilization.” He outlined six options for audience members to consider when they are faced with increasing unfunded liability and contribution rates. John stressed he did not recommend all of them, but did detail the pros and cons of each.

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12
Mar
2015

Wareham, MA joins Plymouth County OPEB Trust to save ‘millions’

Categories: New England Developments,OPEB/GASB 45,PARS In the News

The town (of Wareham, MA) became the first municipality in the county to join a new program that helps fund the high cost of retired employees' benefits. Town Administrator Derek Sullivan said after the vote he was ecstatic that the town decided to join. "We will be saving millions of dollars right off the bat," he said. "Our OPEB liability is looking to be around $82 million. This will be a great help."

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17
Feb
2015

Plymouth County, MA Establishes OPEB Trust (PCOT)

Categories: New England Developments,OPEB/GASB 45,PARS In the News

On January 15, 2015, Plymouth County Commissioners voted unanimously to approve a first-of-its-kind program that will enable municipalities and other public entities in Plymouth County and the surrounding counties to cost-effectively reduce their retiree healthcare obligations. The Plymouth County OPEB Trust, otherwise known as "PCOT," will bring collective investment, legal, and administrative economies of scale to participating members that seek to fund future Other Post Employment Benefits or "OPEB" liabilities.

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16
Feb
2015

Solano County OKs PARS trust to Deal with Retirement Costs

Categories: California Developments,PARS In the News

The Board of Supervisors took another step Tuesday in dealing with Solano County’s retirement costs with the California Public Employees’ Retirement System. County supervisors voted unanimously to set up a special trust for post-employment benefits. A retirement trust allows greater local control over assets, with future contributions transferred to CalPERS at the county’s discretion, the report said. Payments into the trust will bring down the unfunded liability of the county and will reduce the future employer retirement rates, the report said.

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