Board authorizes exploration of PARS supplementary retirement plan as a potential cost-saving option

The board voted to authorize district staff to engage PARS and explore a supplementary retirement plan (SRP) as a potential early-retirement incentive intended to reduce long-term staffing costs through attrition. The presentation described a potential structure in which an annuity amount “equal to 85% of their final salary would be deposited into this annuity” for eligible employees, with the district obligation paid over five years and several actuarial payout options available.

Staff emphasized that engaging PARS at this stage does not commit the district to implement the program. The process will include an enrollment window, confidential one-on-one counseling for employees, analysis of participants and a return to the board in late February with participant data and a financial analysis. Trustees sought reassurances about confidentiality, eligibility criteria (minimum service and age), and whether the district could elect to limit the offer to certificated or classified groups depending on projected savings. The board approved the motion to proceed with exploration and to return with final numbers before any binding adoption.