What is pars benefits?

PARS offers retirement services designed specifically for each public agency's unique needs with the underlying objective of providing superior employee benefits while increasing management effectiveness, reducing operating costs, and relieving staff administration burdens.

Can you opt out of pars?

Unlike Social Security, when your employment ends with the District, you may withdraw your PARS ARS 457 Plan account in a lump-sum cash payment or roll it over to an IRA or another eligible retirement plan.

How do I create a pars account?

1) Visit https://myaccount.pars.org/ a. You will be asked to provide the following information upon login: i. Username - Your Social Security Number (no dashes) ii. Password - Your date of birth in the following format: MMDDYYYY (no dashes) b.

How do I collect my pars?

For Residents of California Only Via phone at: (800) 540-6369. Via email at: plansupport pars.org. Via physical mail at: Public Agency Retirement Services. Attn: Privacy Department/CCPA. P.O. Box 12919. Newport Beach, CA 92658.

What is the difference between CalPERS and Pars?

While PARS and CalPERS are defined-benefit plans, there are very distinct differences between the PARS plan and the CalPERS plans. As a closed plan, PARS will not see the steep increases in contributions that are projected for CalPERS. Additionally, the City controls how PARS funds are invested.

What is pars deduction?

Each pay period, 4.3% of your salary will be deducted from your wages and deposited into your PARS-ARS account. Your contributions are made on an "after-tax" basis. Employer Contribution. Each pay period, your employer will also contribute 3.2% of your salary to your PARS-ARS account.

Does pars affect Social Security?

Even though the District's participation in PARS ended in 2011, the Social Security Administration treats PARS as a government pension for purposes of applying the WEP and GPO. That is why your Social Security retirement benefits are being reduced.

How do I withdraw money from Pars?

You can take your money out in two ways: You can have a check mailed to your home for the entire amount (minus mandatory taxes), or you can choose a direct rollover of your money into an IRA or some other retirement account that you have set-up with another financial institution (as long as they are willing to accept ...

Get Pars Distribution Election Form

Q: Does pars affect Social Security?

Even though the District&#039;s participation in PARS ended in 2011, the Social Security Administration treats PARS as a government pension for purposes of applying the WEP and GPO. That is why your Social Security retirement benefits are being reduced.

Request for Distribution City of Riverside Completed forms should be sent to Public Agency Retirement Services P. O. Box 12919 Newport Beach CA 92658 Fax 949 250-1250 admin pars. org Legal Name of Participant Address of Participant City Phone State Zip Date of Birth Sex Social Security Number Type of Plan 457 b Alternative Retirement System Plan Qualifying Event select only one Terminated employment with City effective Retired on Became permanent.

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