It is a common misunderstanding that myLAGERS is only for the active members. However, there are many different self-service capabilities within myLAGERS that a retiree can access . For this blog I will explain what each button on the side bar of the portal will give a retiree access to and the self-service features included with that button.
One capability that I find to be the most convenient is the change of address. So, if you like warmer weather and plan to move somewhere south in the near future, you will need to update your mailing address with LAGERS. Usually, you would complete a paper form and mail / fax it in to the LAGERS office. Instead, myLAGERS allows you to update the information instantly online under the “Personal Profile” button. You can simply make the changes and click the “Update” button.
Also, under the Personal Profile button, you can elect to have your newsletters sent to you electronically instead of through the mail system. This is a wonderful feature, because the newsletter includes valuable information and instead of having to wait for it in the mail, it is sent directly to your email address. You may also make the election for an electronic newsletter from the home screen.
If you elected the Life Allowance or Option C, you can change your beneficiaries at any time during retirement. This is a function you can complete on myLAGERS by simply clicking “Beneficiaries” and click the “New” button to add a new beneficiary. If you need to delete a beneficiary, select the box to the left of the beneficiary’s name and click the “Delete” button. Finally, if you need to simply update your current beneficiary(s) information, click on the link for her name, change the desired information, and click “Save.”
LAGERS will mail your 1099-R by January 31st every year. However, a useful feature of the myLAGERS portal is providing you with the ability to download present and past 1099-Rs. You will simply click on the “1099-R” button and then click on the date that you desire to view and download the PDF.
Are you planning on financing a new car? The bank you plan to do business with will need a verification of your income from LAGERS. This can also be accessed on myLAGERS. You will simply click on the “Income Verification” button and then click the “Download Income Verification” button and print the letter for the financial institution.
Changing Tax Withholdings
This capability is also available on myLAGERS. From your home page, you will need to click on the account you wish to make withholding changes to (this is indicated by a retirement date). From there, you will need to scroll down and click on the button that says “Update Withholding.” After that, adjust your withholdings as you wish, click on the “Calculate New Withholding.” Finally, as long as the new calculations are what you are wanting withheld from your LAGERS benefit, click the “Apply Changes” button.
As you can see, myLAGERS is not limited to just the active members. As always if you have questions or need assistance with myLAGERS, feel free to contact the LAGERS office.