As we start the New Year and you start planning your 2025/26 budget, it may be time to consider how a PARS Voluntary Separation Incentive (VSIP) could benefit your district.  Our unique, tax-deferred incentives are designed to proactively address fiscal and operational workforce challenges such as rising labor costs, budget cuts, and declining enrollment.  Advantages of PARS’ Voluntary Separation Incentive […]

Effective pension plan management is critical for securing retiree benefits, but for many local government agencies, pension costs place a significant strain on the budget.  At PARS, we understand that while it’s difficult to control the investment volatility and rising costs associated with pension plan(s), agencies can take steps to protect themselves from financial fallout with an IRC Section 115 […]

In the complex domain of local government finance, the traditional role of reserves as a safety net is undergoing significant transformation. The modern financial landscape, characterized by increasing volatility and uncertainty, demands a reevaluation of traditional reserve strategies. This article delves into the emergence of Section 115 trusts as a modern financial instrument designed to […]

Taking the initiative to establish a Section 115 Trust to manage your agency’s long-term Other Post-Employment Benefits (OPEB) and/or pension obligations reflects a commitment to securing both the financial future of your staff and the fiscal health of your agency. But who your agency selects as a trust provider is crucial as it influences the management, security, […]

With its Public Safety Personnel Retirement System (PSPRS) funded ratios at just 20.4% for the Fire Department and 72.3% for the Police Department, the Town of Clifton‘s need for a sustainable solution in managing its pension liabilities became increasingly evident back in June of 2022. After researching possible solutions and holding thorough internal discussions, Clifton’s Council decisively adopted […]

Post employment benefits, including pension and other post-employment benefits (OPEB), are often some of the largest line item expenditures for local governments nationwide. Costs can be unpredictable and often rise from year-to-year. One way agencies or districts can initiate some control over these expenditures is by adopting and diversely investing assets into an IRC Section 115 […]

Strategic financial management in local government revolves around the intricate balance of maximizing revenues and judiciously controlling expenses. This delicate equilibrium is crucial for enabling transparent, future-oriented financial planning, providing for resiliency, and ensuring consistent financial resources for improving levels of services provided to citizens. To safeguard this balance, risk mitigation becomes imperative, acting as […]

Strategic financial management in local government revolves around the intricate balance of maximizing revenues and judiciously controlling expenses. This delicate equilibrium is crucial for enabling transparent, future-oriented financial planning, providing for resiliency, and ensuring consistent financial resources for improving levels of services provided to citizens. To safeguard this balance, risk mitigation becomes imperative, acting as […]