Public Agency Retirement Services (PARS) has provided customized retirement solutions to public agencies since its inception in 1983.  PARS clients include more than 300 public agencies across the country, including cities, counties, special districts, school and community college districts, regional offices of education, and hospitals.  PARS provides greater economies of scale to public agency employers, more satisfying retirement options to their employees and optimum security and control to both.  For more information, click on the links below.

Pre-funding post-retirement healthcare funding obligations is a relatively new concept to public agency management - as well as governing boards and employees. As healthcare costs continue to rise, with no relief on the horizon, the best time to fund your post-employment retirement health care obligations is now.

Not all public agencies and their employees are alike. Whether you’re a school district looking for an alternative to a 403(b) plan or a municipality looking for an additional or sole 457 provider, the PARS 457 plan is a unique plan that takes into consideration the differences in agency needs and requirements, along with the individual investment needs of its employees.

PARS-ARS is an alternative to Social Security for part-time, seasonal and temporary employees (PST). PARS-ARS permanently reduces payroll costs with a total contribution of 7.5% of covered payroll (compared to 12.4% under Social Security). 150,000+ PST employees are covered by PARS ARS plans offered by more than 150 public agencies.

The Supplementary Retirement Plan (SRP) and Separation Incentive Plan (SIP) provide an agency with the flexibility to create a supplemental retirement program to facilitate downsizing, rightsizing, or handling a difficult employee in a constructive way.  Employees have the option to receive benefits over their lifetime or for a fixed number of years, as lump sum cash or as a direct rollover to an Individual Retirement Account (IRA). These plans can be offered to all or some employees during a pre-determined “window” enrollment period or through an “on-the-shelf” plan to be used as the need arises.

Retirement Enhancement Plans give agencies the ability to locally design and implement an ongoing supplemental retirement plan to complement and enhance existing state retirement plans. With a PARS REP plan, local agencies are able to tailor a supplemental benefit to meet their very specific needs.

Often at separation from service, employees have accumulated a substantial bank of sick leave, vacation or other leave hours.  In many instances this time is paid in a lump sum and employees then face a large tax burden as a consequence.  To eliminate this tax burden, an agency use a PARS Accumulated Leave Plan (ALP) to convert accumulated hours to a tax-qualified pension plan that permits employees various options for distribution, including IRA rollover. Plans can be designed to convert accumulated leave during employment (as a defined contribution plan) or at termination or retirement (as a defined benefit plan).

Similar to profit-sharing plans commonly used in the private sector, matching plans allow public agencies to leverage their budget dollars to attract and retain employees. A matching plan can reward employees while encouraging them to achieve agency goals. For example, some agencies reward good attendance by allowing employees to contribute to a matching plan and then matching those contributions by a given percentage up to a specific limit when the employee achieves perfect or excellent attendance during a fiscal year. Flexible plan features let the agency design the plan that perfectly fits employee and agency needs.

PARS specializes in public pension plan design, implementation and administration. As one of the largest providers of public retirement plans in the country, our experience and dedication to the public sector are evident in the plans we offer. We can also independently and cost-effectively review retirement programs and options that you are considering for your public agency.