Pleasanton OKs $28 Million Trust Investment to Address Rising Pension CostsCategories: California Developments,PARS News,Pension Rate Stabilization
The Pleasanton City Council signed off on investing $28 million in a trust account to help raise additional funds to offset rising employee pension costs, a move city leaders see as leaving Pleasanton better positioned for the years and decades down the line when higher pension bills come due. With the trust administered by PARS, city officials hope to have their investment turn into $43.9 million after 10 years -- money that would be available to soften the annual budget impacts of higher pension payments.read more...
Camarillo Looking Beyond CalPERS for Pension HelpCategories: California Developments,PARS News,Pension Rate Stabilization
At the July 11 Camarillo City Council meeting the council voted unanimously to take $5 million out of the city’s general fund and place it in a Pension Rate Stabilization Program trust managed by PARS. The city’s stated goal is to pay down its $30 million in unfunded liability debt over a period of 20 years.read more...
City of Pleasanton Council Approves New Investment Strategy to Better Address Pension LiabilityCategories: California Developments,PARS 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.read more...
Introducing A New Innovative OPEB Trust Investment ProgramCategories: New England Developments,OPEB/GASB 45/75,PARS 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.read more...
City of Escondido Maps Out Pension Liability PlanCategories: California Developments,PARS 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.read more...