LAGERS provides you with a piece of financial security through secure income when you leave the workforce. However, LAGERS is not designed to be your only source of income when you are no longer working. Instead, it is designed to be one secure source. Some keys to achieving financial independence is your ability to accumulate savings and minimize debt. So, here are a few articles I found that do a good job of explaining the need for savings,
No matter what stage you are at in your life, LAGERS is an important asset to helping you achieve financial freedom. Pension plans like LAGERS can seem complex, but when it comes to the benefits you will receive, it is actually quite simple. Here are three ways LAGERS is helping you achieve financial freedom today and into the future.
LAGERS employers will soon have more flexibility with their employee contribution election thanks to legislation signed by Governor Parson this week.
House Bill 1467, which the Governor signed on July 13, will extend LAGERS employers' options for the employee contribution election from the current 0% or 4% employee contribution to a 0%, 2%, 4%, or 6% employee contribution election.
“We are excited to be able to further enhance the flexibility of the LAGERS system so that every local government employer has the best tools possible to attract and retain the best public servants to serve in our communities,” says LAGERS Executive Director Bob Wilson.
The new law will also permit governing bodies to make a separate employee contribution election if their employer has non-social security-covered employees who are covered under a different multiplier than their social security-covered employees.