I will start with kudos! Kudos to ALL of you for not missing a beat during this uncertain and hectic time. Thanks to you and your consistent reporting and your consistent contributions, LAGERS has not missed a beat either. We ARE in this together, and we’re making it work for all the public service workers out there on the front lines. Keep up the good work! We see you.
Now, let’s talk Annual Actuarial Valuations. Each year, LAGERS’ actuaries evaluate the contribution rates of every LAGERS’ employer. Slight adjustments are made to these rates depending on the experience throughout the year of the LAGERS system and your personnel. The annual valuation you receive (see below for information on how to access your valuation) is a full report of the rate calculation provided by LAGERS’ actuaries. Not only does this report include your new contribution rates, effective your fiscal year start, but also the financial principles and benefit provisions driving these rates. It is a given the new contribution rate is a very important detail to assure proper funding of your benefits, but other information provided in the valuation is just as valuable.
For instance, the comparative schedules starting on page 13 provide a magnifying glass for understanding the effects of change within the LAGERS system and your personnel. If there is a change in number, age, service, or annual pay from year to year, you can see the direct effects of that change to your contribution rate for that year compared to the past years. You can also compare your accrued liabilities and assets from year to year, which affects your funded percentage. The ultimate goal is to keep contribution rates level and your funded percentage moving towards 100%. Being able to view where you are in reaching and/or maintaining this goal can provide pivotal knowledge when it comes to making any possible enhancements decisions to your benefit.
We encourage all employers to carefully read through your entire annual valuation. If there are areas within the valuation which are not clear, contact LAGERS to discuss those areas. The more understanding you have of how your benefit works and how it is funded, the easier it will be to make important decision regarding your benefit.
Your Annual Valuation is available for viewing and printing on ECLIPSE. This valuation contains your new contribution rates beginning on your 2021 Fiscal Year Start.
How To Access Your Valuation in ECLIPSE:
- Under Agency Details in ECLIPSE, Click Profile
- Within your Profile, open the Valuation Reports tab and locate your "annual valuations"
- Check the button for the year you wish to view (2020 will contain your FY 2021 rates)
- Once you have selected the year, click the View Annual button above.
- Your web browser may prompt you to either open or save the PDF
- FY 2021 Rates can be located on page 12
NOTE: You will NOT receive a paper copy of your Annual Valuation
If you have joined LAGERS within the past 12 months, you may not have a valuation for 2021. If this is the case, your 2021 rates will remain the same.