| Item Title: | Approval of the Administrative Services Agreement and Plan Provisions with Public Agency Retirement Services and Resolution No. 2013/2014-36 |
| Agenda Title: | Approval of the Administrative Services Agreement and Plan Provisions with Public Agency Retirement Services and Resolution No. 2013/2014-36 |
| Background: | Public Agency Retirement Services (PARS) is a fee-for-service company that specializes exclusively in governmental retirement plans. PARS coordinate the plan design and perform plan implementations and all administration duties regarding the plan. The primary objective of a retirement incentive is to increase and accelerate the retirement rate over and above the natural attrition in order to facilitate specific district objectives such as personnel restructuring and fiscal savings.
The district entered into a successful agreement with PARS in February of 2012 and would like to again revisit early retirement incentives for certificated non-management staff. In order to achieve the desired results the district must obtain a certain level of participation. If the required level of participation is not achieved, the district may withdraw the incentive. A copy of the plan provisions is attached. |
| Recommendation: | Staff recommends the board approve the four year administrative services agreement and the plan provisions with PARS and resolution number 2013/2014-36 Public Agency Supplementary Retirement Plan |
| Resource Person: | Meg Jette, asst. supt. of business services |
| Fiscal Impact: | The fiscal impact will vary. If the plan is implemented, the district will pay 5.5 percent of all premiums, or a $5,000 per year minimum. If the plan is not implemented, the district will pay a one-time fee equal to $5,000. The cost will be funded through multiple funds.
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| Funding Source: | Various |