A recent article in the Wall Street Journal, Is America's Favorite Retirement Plan Broken, describes the current state of 401(k) plans. The article provides evidence that these plans may need to be fixed for them to create successful retirement outcomes for the millions of Americans that participate in these retirement investment vehicles. While the main point of the article is to point out plans of policymakers to make the 401(k) more equitable in respect to the way taxation is handled, other points made in the article piqued my interest.
We all know things are different right now, for all of us. Terms like uncertain times and new normal are overused so much they're beyond cliche.
Things are different for many of us at work as well, and that includes LAGERS members. Take a look at what some of them have been doing during this difficult time (another cliche, but true none the less) to keep our communities running smoothly and safely.
In November of 2018, LAGERS launched a new program called the Certified LAGERS Administrator (CLA). This program was designed specifically for employer contacts and administrators who want to know more about how LAGERS works and want to feel at ease talking about LAGERS benefits. Though CLAs cannot speak on behalf of LAGERS, they are a vital source of LAGERS knowledge employees can count on as well a source for employees to obtain LAGERS contact information if they need answers to harder, individualized questions.
Throughout the month of July, LAGERS retirees from across the state showcased their local love by telling us about some of their favorite local business! The response was great! We received some wonderful pictures and stories about some of our retirees' favorite shops and products. Three winners were chosen at random to receive a prize basket full of Missouri made goodies.
LAGERS pays out over $300 million dollars every year to retirees living in Missouri, and those dollars go straight back into your local economy!
There are many posts throughout this blog that use the word security in different ways:
See what I mean? There are many more...
The security of the benefit our members have earned over a career in public service is of the highest importance to us, and we strive to maintain not only excellence but to be the absolute best at protecting your data and your benefit. Today we're talking data security. Every year LAGERS participates in an external security assessment, and for the 6th year straight we've come out on top with a perfect 4/4 rating. Our director of technology Jamie Houk explains how we stay on top of our game and maintain the highest standards in the Data Security space.
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.
Every year, LAGERS pays out over $300 million dollars in benefits to retirees living in Missouri. Our retirees not only served locally and retired locally, but they use their retirement dollars and spend locally. This July, we are celebrating all of the ways LAGERS retirees help support local businesses in their communities!
Tagged Economic Impact