For America Saves Week, we're bringing back the story of the City of Webster Groves and how they found that a defined benefit pension plan was the best option for their employees to securely save for retirement. The City wanted to ensure that their employees had the best opportunity to achieve a secure retirement that could be provided. In turn, the employees benefited from the security of a defined benefit plan, and the City could remain competitive in order to recruit and retain the best crop of public servants for the community. Read Joan's account of how they came to the conclusion that LAGERS provided the best value for the employees of Webster Groves.
Public pension plans that are well-funded share some common characteristics, according to the National Association of State Retirement Administrators (NASRA). And since LAGERS ranks in the top ten in terms of funding among U.S. plans, you may guess that these characteristics would be found in our practices. And you would be right.
LAGERS understands that the benefits we offer help tens of thousands of Missourians gain financial independence. We take our responsibility as caretakers of your money very seriously. LAGERS' Board of Trustees and staff are considered fiduciaries. This means we are legally obligated to act and make decisions that are in the best interest of our members and their beneficiaries. There are many specific things we do on a daily basis to help protect your money. Here are a few.
Wondering what you'll do in retirement? With LAGERS lifetime benefit, you'll have the foundation to dream big and live a stable, secure retirement. And perhaps have some fun along the way! One of our retirees, Dixie Gunnett, sent us some pictures of what retirement is like for her. She's been retired from Jefferson County Sheriff's Office since September of 2014 and has been busy living out the next chapter of her life her way. Here's her story in her own words, and pictures.
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!
Did you recently find out you are going to receive a tax refund? Did you immediately think about what you could spend the money on? Maybe the things you are planning on spending your tax refund on are constructive, like car repairs, home repairs, pay off some credit card debt or others. However, it’s hard not to be tempted to spend that refund money on something fun, right?
We love to hear from our members. Recently we received a lovely letter from Diane McKiddy, a retiree from Chiliicothe Municipal Utilities, where she worked for over 47 years!