It's sometimes easy to get confused when it comes to retirement, benefits and the different accounts and options that are involved. Your LAGERS benefit is a very specific type of retirement benefit, called a defined benefit plan, otherwise known as a pension.
Pensions work differently from many other types of savings mechanisms you might use for retirement, such as a 457 plan or a 401k. Here are just a few ways they are unique and different from each other:
For more information about different types of retirement plans and accounts, visit our page specifically devoted to this topic. It contains a lot of information about choosing the right type of plan for you, or your organization.