PARS is excited to announce the expansion of its unique, IRS-approved Section 115 Pension Rate Stabilization Program across the country. Designed in 2015, this industry-leading program operates separate and apart from an agency’s retirement system, providing local governments with a tool to set aside funds for future pension costs and liabilities.read more...
Last Tuesday, the Novato City Council voted unanimously to select PARS to administer their new Section 115 pension prefunding trust. The move is a first step towards addressing its estimated $30 million in unfunded pension liabilities.read more...
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...
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...
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...