How LAGERS Stacks Up to Other U.S. Pension Plans

Photo by Mathieu Turle on Unsplash

 

LAGERS' Executive Director and I attended the annual conference of the National Association of State Retirement Administrators (NASRA) last week. This conference gathers together the leaders of the largest public pension plans in America. Attending allows us to hear ideas about how to better serve our members and gain insight into best practices in the retirement industry.

Tagged Pre-Funding, Value of pensions, Pension Health, Retirement plans, Sound Funding, governance

Proof That Pensions Are Sustainable For Missouri's Local Governments

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  • About half of Americans age 55 and older have nothing saved for retirement. However, 20% of these do have access to a defined benefit pension plan.
  • Defined benefit pensions are the preferred retirement plan for state and local government employers.
  • 39 employers have chosen LAGERS defined benefit plan for their employees within the last year. Almost all switched from a 401(k)-type plan.
  • Defined benefit plans, like LAGERS, help government employers attract and retain good workers to serve the community.

 

Tagged 401(k), pensions, Security, Value of pensions, Retirement, Retire, Local Government, Missouri

Sharing the Good News about LAGERS

Tagged Legislation, Value of pensions, Policy, income replacement, issues & policy

In Case You Missed It - Our Latest Facebook Live

In honor of America Saves Week we held another Facebook Live event this past Monday. Jeff Pabst, LAGERS' Education and Outreach Coordinator, discussed the value of LAGERS benefits in our latest installment.

Tagged Retirement Benefits, Retirement Options, Value of pensions, Retirement, Retire

New Research: Pensions Produce Positive Economic Impact in Missouri

 

A new study by the National Institute on Retirement Security (NIRS) shows that income retirees receive from public pension plans, like LAGERS, produce positive economic impacts across the nation. The study, using 2016 data, reports public pensions are responsible for $1.2 trillion in total economic output in the U.S. and added $202.6 billion in government revenue from retiree income taxes and spending.

Learn More About Pensions

 

Tagged Economic Impact, National Institute on Retirement Security, pensions, Value of pensions, Advocacy

$286 Million: That's How Much LAGERS Paid to Missouri Residents Last Year

DOWNLOAD THE 2018  ECONOMIC IMPACT REPORT

 

The recently released 2018 Economic Impact Report from Missouri LAGERS shows the pension fund paid $308 million to retired local government workers and their loved ones last year with ninety-three cents of every dollar ($286 million) staying in Missouri.

Tagged Economic Impact, pensions, Value of pensions, Missouri

If Your Employer Provides a Retirement Plan, You're in the Minority

 

A recent article in Forbes, Workplace Retirement Coverage Drops And The System Continues To Fail, by Teresa Ghilarducci, provides some sobering statistics about retirement preparedness for Americans. It is no surprise Americans who have access to a retirement plan at work will be better prepared for retirement than those without a plan. However, according to Ghilarducci, only 40% of workers in the U.S. are covered by a retirement offered by their employer. This is a 4% decrease since 2014 and this number has declined in 14 of the 17 years since 2000.

Tagged congress, secure retirement, three legged stool, Value of pensions, Retirement plans, Public service, Retirement, Retire

LAGERS Economic Impact - Northeast Missouri

 

Tagged Defined Benefit, Economic Impact, pensions, Retirees, Value of pensions, Missouri

Lessons from failed pension reform

We spend a lot of time talking about the savings crisis in the United States.  We’ve written about the unfunded liabilities in 401(k) plans, we’ve written about the lack of financial literacy, and the dangerously low retirement account balances across the country.  And while all of this might lead to the conclusions that having a defined benefit plan, like LAGERS, is an important cornerstone to retirement security in America, pension reform debates still often favor the significant reduction or elimination of defined benefit plans altogether.   

Tagged firefighter, pension reform, police, reform, value of local government, Value of pensions

Why the City of Webster Groves Switched from a Defined Contribution Plan to a Defined Benefit Plan

In 2013, the City of Webster Groves joined the Missouri Local Government Employees Retirement System (LAGERS), a statewide public defined benefit retirement plan covering local government workers from all across Missouri. This is our story of why and how we made this giant leap forward in providing retirement benefits to our employees, and, we believe, in ultimately enhancing service to our citizens.

Tagged Defined Contribution, Retirement Security, value of local government, Value of pensions, Retirement, Retire, cities, Local Government, Missouri

Contact LAGERS

1-800-447-4334
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