Speaking to Ynet, Eitan noted that under its new form, the party will undergo organizational changes.
"It took us a year to get ourselves sorted after the elections. I consider this a mission. The older population, who no one gave a damn about in the past, needs to take an active role in running their business and the country's," he said.
It remains unclear who will join forces with Eitan to form the new party.
The Pensioners Party surprised Israel when they scored as many as seven mandates in the 2006 elections. Since then, they were mainly known for a series of scandals and embarrassing mishaps. The party finally disbanded as a result of bitter internal conflicts.
In the 2009 elections, the party did not receive sufficient votes for representation in the Knesset.
"From the moment they were elected the media treated them as a passing trend without realizing there were substantial issues on the line," the party's campaign manager Yoni Koren claimed at the time.
"The public, which has no way of checking anything except what it learns from the media, felt that the pensioners were mainly concerned with matters irrelevant to their Knesset duties.
"It is true they earned that reputation for their incessant fighting, but they also did many things, which they were not credited," Koren added.