To: Board of Supervisors
From: Executive Office
Meeting Date: March 1, 2022
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Department Contact: |
Carmel Angelo |
Phone: |
463-4441 |
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Department Contact: |
Darcie Antle |
Phone: |
463-4441 |
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Item Type: Regular Agenda |
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Time Allocated for Item: 30 mins |
Agenda Title:
title
Discussion and Possible Action Including Acceptance of an Informational Presentation on the Pension Stabilization Program by Public Agency Retirement Services (PARS) and Direction to Staff to Return With a Resolution Adopting the Post-Employment Benefits Trust Administered by Public Agency Retirement Services
(Sponsor: Executive Office)
End
Recommended Action/Motion:
recommendation
Accept informational presentation on the Pension Stabilization Program by Public Agency Retirement Services (PARS) and direct staff to return with a Resolution adopting the Post-Employment Benefits Trust administered by PARS.
End
Previous Board/Board Committee Actions:
The Board received a presentation from PARS at the September 28, 2015, meeting.
Summary of Request:
PARS offers a variety of plans and services to public agencies, including a Pension Rate Stabilization Program. This program is a Section 115 irrevocable trust designed to allow agencies to pre-fund pension costs and reduce GASB 67/68 Net Pension Liabilities (NPL). This program can mitigate long-term pension investment volatility, while at the same time providing the County with greater local control of assets and investment flexibility to create a more actuarially sound retirement system. Key benefits of this type of trust include: Board control of funds, greater investment flexibility, increased rate of return than the County Treasury Pool, reduction in net pension liabilities (GASB 68), and smoothing future contribution rates.
Staff recommends receiving the presentation from PARS representatives, and further requests the Board provide follow-up direction regarding PARS or other options.
Alternative Action/Motion:
Provide alternative direction to staff
How Does This Item Support the General Plan? n/a
Supervisorial District: All
vote requirement: Majority
Supplemental Information Available Online At: n/a
Fiscal Details:
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source of funding: n/a |
budgeted in current f/y: N/A |
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current f/y cost: n/a |
if no, please describe: |
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annual recurring cost: n/a |
revenue agreement: N/A |
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budget clarification: n/a |
Agreement/Resolution/Ordinance Approved by County Counsel: N/A
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CEO Liaison: Executive Office |
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CEO Review: Choose an item. |
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CEO Comments:
FOR COB USE ONLY
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Executed By: Atlas Pearson, Deputy Clerk II |
Final Status:Approved with Direction |
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Date: March 1, 2022 |
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