As you may know, LAGERS recently reached a milestone of 700 employers. While this milestone may not seem that significant to most, it tells quite an amazing story. Each and every year, LAGERS adds around 10-20 new employers seeking a way to recruit quality employees and give them a path to leave the workforce when they reach retirement age. Those employers that join LAGERS believe that this system gives their subdivision the best way to accomplish their goal perhaps better than providing a defined contribution plan.
In fact, since 2011, LAGERS has added 99 employers and more than 50% of these employers switched from a defined contribution plan to LAGERS. This also tells a story -where employers’ defined contribution plans simply were not working for them. So they sought out the services of a secure retirement benefit through LAGERS…a flight to security.
I recently had the chance to sit down with LAGERS Executive Director, Bob Wilson, regarding this milestone. When he started at LAGERS in 1994, the system had only 350 employers. At that time it was his job to meet with each and every employer at least once every two years. Now that the system has doubled in size, we wanted to get a little bit of perspective from him. Check out the video below where he talks about his career and the focus at LAGERS through the years.