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Board approves plan design with PARS to study retirement incentive for senior employees
Summary
The board authorized entering into an agreement with Public Agency Retirement Services (PARS) to design and administer a Supplementary Retirement Plan intended to encourage senior employees to retire early if the program demonstrates fiscal savings.
District staff presented a proposed Supplementary Retirement Plan (SRP) designed with Public Agency Retirement Services (PARS) to encourage eligible senior employees to retire early and generate budgetary savings. Martin Rodriguez said PARS will assist the district in plan design and enrollment and will "conduct all ongoing program administration." (SEG 006)
The board approved moving forward with the PARS agreement conditioned on sufficient employee participation and demonstrated fiscal savings to the district. Pacific Life Insurance Company was identified as the plan insurer and noted as A+ rated by A.M. Best. The motion passed unanimously.
