LAGERS has pre-filed legislation that seeks to further enhance the flexibility of the retirement system. Currently under law, an employer has many options to tailor a retirement benefit that will meet the goals and needs of its unique workforce. The options for employer election range from the benefit multiplier, final average salary, retirement ages, and employee contributions.
One of the most common questions members ask at Pre-Retirement Seminars is ‘what is the average cost of living adjustment LAGERS retirees receive each year?’
On Tuesday we held a Facebook Live event to explain the new LAGERS retirement eligibility options for certain public safety personnel. Elizabeth Althoff was instrumental in this project and explained how the new law works and answered the most common questions that we get about this new option.
Overview of 2019 Legislative Session The first regular session of the 100th General Assembly came to a close on May 17th. This year, the legislature tackled some major, and often controversial, issues and the final weeks of session were unsurprisingly not without little drama.
Governor Parson signed LAGERS Public Safety Bill into law on July 10 meaning that many employers will soon have the option to cover EMS personnel, emergency telecommunicators, and jailors as Public Safety personnel with an age 55 normal retirement age.
One of the greatest misconceptions when it comes to your LAGERS benefit is that in order to be eligible for a monthly benefit, you must stay with your employer until you retire. The truth is, your benefit is more portable than you may think, and regardless of whether you plan to be a career-long local government employee in Missouri, or if you have plans to move on in the future, you have lots of different options when it comes to taking your LAGERS benefit with you!
Whether it’s your first day on the job, or you’re a seasoned local government pro, you may feel a little overwhelmed when it comes to understanding your LAGERS benefit. While there a many facets to how your benefit works, here are five simple themes every LAGERS member should know.
1. Your Hard Work Pays Off
LAGERS benefit calculation is pretty simple: work longer, earn more income in retirement. That’s easy enough, but because you accrue service, and not an account balance, it can sometimes be difficult to visualize the true value of your LAGERS benefit. LAGERS offers many different tools to help you estimate your future benefit, but know that each month you work, your future financial security grows - and that future monthly income will add up over a lifetime!
Last week, LAGERS members from every corner of the state gathered in Jefferson City to visit with lawmakers about the importance of their LAGERS retirement system! It was an action-packed day, full of tons of great visits with our state lawmakers. Here are a few of the highlights!
One of the most important things our members can do is to help us share the good news of LAGERS. By ensuring local government employers have the tools to attract and retain great public servants, like you, LAGERS helps local communities across Missouri thrive and flourish – and it is important that we share this great news with our elected policy makers!