LBT Pension Plan Information
Attention Eligible Employees
Change in Administration of LBT Pension Plan
LBT has recently engaged Public Agency Retirement Services (PARS) to administer the agency’s Pension Plan for contract and eligible employees. With the change in plan administration, it is important to note that the Plan’s benefit structure will remain the same and will not impact benefits earned or paid to retirees, beneficiaries, or current eligible employees.
The transition to PARS will provide enhanced services to employees by having dedicated, full-time pension management administrators to respond to questions and perform benefit calculations. Going forward, all plan participants and retirees will have a central point of contact at PARS to inquire about retirement benefits and make administrative changes such as address changes, direct deposit, federal and state tax withholding, etc.
Please note: No changes will be made to your benefits. Effective July 1, 2021, you will begin to receive your monthly payment from PARS through US Bank, the PARS Trustee. LBT’s former Trustee (Farmers & Merchants Bank) will no longer issue payment.
Want to learn more?
If you have any questions, contact the Plan Support Department at PARS at (800)731-7884 or via email at firstname.lastname@example.org.
To educate current pension recipients on the transition process, PARS will be conducting information sessions. These sessions will be held via Zoom and will answer your questions and give you an opportunity to meet the PARS team that will be working with LBT.
- These group Q & A sessions will allow you the opportunity to ask questions in real-time to a PARS representative.
- Prior to these meetings, please view the online Retirement Plan presentation on YouTube. The online Retirement Plan presentation can be viewed by visiting https://qrco.de/LBTRetiree and will answer questions about the transition to PARS. PARS will explain the transition process, the PARS Trustee, and how to request future account changes.
- The Q & A Sessions will be held on Zoom. You may access the meeting by clicking on the links below.