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!
A member recently emailed the following: I am currently a vested member and am possibly getting ready to change jobs to an employer that does not have Lagers. I want to keep my Lagers because I am a vested member, how do I do that?
It’s that time again when we pick a city, county or a region of the state to feature the economic footprint of LAGERS. With the holidays upon us, I found myself thinking close to home and realized that we had yet to do a feature on my home county.
One of the best parts of my job is getting to work with members at Pre-Retirement Seminars. It is an exciting time in members’ lives as they begin to think about transitioning from their careers into a long-awaited, hard-earned retirement. But such a transition is not without a few major decisions, one of which is selecting a LAGERS payout option. Like many decisions you will have to make as you begin your retirement journey, choosing a payout options is an extremely important one, especially since it cannot be changed down the road. It’s only natural then, that many of our members’ top question as they file into the seminar room is ‘how do I know which is the best payout option for me.’
I recently attended a National Public Pension Funding Forum hosted by the National Conference of Public Employee Retirement Systems, and had the opportunity to hear from many pension fund administrators and experts about the pension funding successes and challenges in the United States. As funds from across the county continue to work to ensure long term financial stability, one of my biggest takeaways from the event was that even though there are often no easy answers when it comes to pension funding, LAGERS is getting a lot of things right.