Big Spring School District Cuts over $2.3 Million from Budget: PARS Separation Incentive Delivers Big SavingsCategories: Early Retirement Incentives,National Developments,New England Developments
This year, Big Spring School District in Pennsylvania implemented a PARS Voluntary Separation Incentive, resulting in 16 teacher retirements and over $2.3 million in budgetary savings over the next 5 years due to attritional savings and strategically not replacing several positions.
Facing declining enrollment, yearly increases in pension costs and continuing increases in cyber charter costs as well as other consistent unfunded or underfunded mandates, Big Spring Superintendent Richard Fry first met with PARS last fall to determine if an incentive may help to alleviate some of the district’s budget challenges. Utilizing its proprietary analysis model, PARS ran an in-depth evaluation of Big Spring’s unique demographics, and after consultation with district staff, designed a plan that would bring the most benefits both fiscally and operationally.
“We were thrilled with the outcome of the voluntary separation incentive which will positively impact Big Spring’s budget and free up necessary resources for many years to come. The PARS team provided exemplary service from start to finish and I would highly recommend that all districts facing fiscal or operational challenges consider their approach and take advantage of the free, in-depth analysis offered by the firm.” — Richard Fry, Former Superintendent
A 45-day enrollment period was then opened which resulted in 25% of eligible employees signing up for the incentive – a number greater than what was originally projected in the analysis.
As the plan administrator, PARS provides an A-Z service model that is designed to limit the workload of district staff, and fully customizes each plan design and implementation to meet a district’s unique needs and goals. We handle all participant communication, education and benefit payments, as well as providing consulting and hands-on support from the initial development phase until completion of the final benefit payment.
To learn more about PARS voluntary separation incentives, or to get started with a free, in-depth analysis, please contact:
Maureen Toal, Executive Vice President
(844) 540-6732 | firstname.lastname@example.org