Why Choose Pars?

Since 1984, the PARS team has designed and delivered over 1,100 individually customized solutions that have cumulatively saved over 600 public agency clients hundreds of millions of dollars. Our success can be attributed to our unique approach, in which we:

  • Craft customized, mutually-beneficial retirement solutions for agencies and their workforces.
  • Guide agencies through the process, showing them how to achieve bottom-line results.
  • Redefine the goals and objectives of their organization.
Natasha Davidson
Natasha Davidson Consultant, Retirement Plans
Pars Solutions

Supplementary Retirement Plan (SRP)

The PARS retirement incentive, known as Supplementary Retirement Plan (SRP) offers your agency a constructive and humane tool to reduce labor costs, restructure your workforce, avoid layoffs and retain skilled, newer employees. (In CA only: due to PEPRA, the SRP is currently only available to K-12, County Offices of Education, and Community College Districts).

Why Choose PARS?

  • PARS offers a no-cost, comprehensive analysis based on our well-respected proprietary modeling method to help your agency determine whether an incentive is feasible.
  • PARS will work with you to customize a solution that fits your agency’s individual needs when it comes to plan design, benefit level and funding.
  • PARS takes the burden off of your staff and provides exceptional client service – from initial plan implementation to the last benefit payment.

OPEB/Retiree Health Care Funding Program

Our one-of-a-kind trust solution will help your agency pre-fund retirement health care obligations and secure these benefits for the future. We do so in a way that maximizes flexibility, fiduciary protections, and local autonomy. The PARS trusts provide agencies, large and small, maximum flexibility in terms of contributions and funding, while offering the administrative, compliance, and investment economies of scale of multiple employer trust.

What Sets PARS Apart?

  • Minimized investment fiduciary risk to your agency through a discretionary trustee approach
  • Control over the timing and level of contributions
  • Choice from a wide range of investment strategies
  • A GASB 45 compliant and IRS approved trust
  • Local control over actuarial assumptions and methods
  • Streamlined implementation with our “ready-to-go” trusts
  • Highly personalized service by dedicated Senior Consultants

PARS has been in the business of retiree health care funding programs since 1994. Let us bring our unique experience with retiree health care funding to your agency.

Alternate Retirement Plans

Our cost-saving alternative to Social Security for part-time, seasonal and temporary (PST) employees reduces contributions from 12.4%* to 7.5%, offers pre-tax contributions, and provides more take-home pay.

We currently administer trusts serving hundreds of public agencies and hundreds of thousands of PST employees, saving public agencies millions of dollars, while offering part-time employees a lower-cost, more flexible and portable benefit.

*For 2012, employees will temporarily pay 4.2% of their wage earnings for Social Security tax, instead of the normal 6.2% rate due to the Temporary Payroll Tax Cut Continuation Act of 2011.

What Sets PARS Apart?

  • Lower payroll costs for employers (typically 79% or more), compared to Social Security
  • Fixed, employer-controlled costs
  • Immediate vesting
  • Greater participant portability, including cash-out or rollover when they leave
  • No costly administrative or regulatory burdens
  • Tax-deferred distribution options for departing employees
 

Why Do Employers Prefer PARS?

  • An array of non-insurance investment options
  • No financial penalties for leaving the program
  • Personalized customer service
  • True specialists in plans for part-time employees
  • In-house administration – no outsourcing of services

PARS can create Defined Benefit and Defined Contribution plans for your agency to provide the primary retirement benefit for your employees.  In addition, our Defined Contribution plans can supplement an existing retirement system to provide an added layer of benefits for your employees. We tailor plans to the specific needs of your agency, whether it be to help you attract, retain and reward employees or to reduce pension and labor costs.  PARS offers design flexibility which gives your agency the ability to:

  • Provide the benefit to specific employee groups or bargaining groups
  • Set specific eligibility and vesting requirements
  • Customize the benefit formula
  • Provide distribution flexibility including a lump sum benefit option
  • Require employee plan contributions
  • Customize the investment platform including self-directed investments

The PARS team has specialized exclusively in retirement plan consulting and administration services for public agencies since 1984.  We will provide all initial consultation services, including plan set-up, legal documentation and on-going plan administration.