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703 Retirement – PARS (Public Agency Retirement System)
All part-time, casual and seasonal employees automatically become members of
Public Agency Retirement System (PARS). PARS is an alternate plan to Social
Security for those employees who are not eligible to participate in TMRS.
.01 Eligible employees contribute 6.2% of their pre-tax salary to the retirement fund
through payroll deduction.
.02 The City of Grapevine contributes 1.3% of the employee’s salary.
.03 Employees are immediately 100% vested in their account.
.04 Employees or their beneficiaries are eligible to receive the balance of their account
upon separation of employment.
.05 Participating employees do not have access to the money in their account until
employment has ended.