PARS In the News

14
Jun
2018

City of Pleasanton Council Approves New Investment Strategy to Better Address Pension Liability

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

Based on recent CalPERS policy decisions, cities throughout the State are grappling with how to fund pension contributions that were to be covered by CalPERS investment earnings. To help cover those increased costs and maintain more control over City investments, Council authorized participation in the PARS PRSP.

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12
Apr
2018

Introducing A New Innovative OPEB Trust Investment Program

Categories: New England Developments,OPEB/GASB 45/75,PARS In the News

Hampshire Council of Governments (HCG) has partnered with PARS, to launch the Western Mass. OPEB Trust, available to all public entities in Berkshire, Franklin, Hampden, Hampshire, and Worcester counties. PARS will serve as Trust Administrator while Vanguard will manage low fee investment pools specially designed for the this program. In addition, the nation’s 5th largest bank, U.S. Bank, will safeguard each members’ assets by serving as corporate trustee/custodian.

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20
Feb
2018

City of Escondido Maps Out Pension Liability Plan

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

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.

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31
May
2017

Recap: OPEB/GASB 75 Lunch & Learn in MA

Categories: New England Developments,OPEB/GASB 45/75,PARS In the News

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.

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18
May
2017

Weymouth, MA to Join Plymouth County Trust for Retiree Health Costs

Categories: New England Developments,OPEB/GASB 45/75,PARS In the News

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."

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