I recently attended the National Association of State Retirement Administrators annual training conference. It’s very helpful to get together with peers and share successes and what’s working best with others across the country. It serves both as an affirmation of some things we’re doing very well and an inspiration of other practices we can employ to be even better. (At this point I’m sure you’re thinking, “Wow, I bet THAT’S a giant gathering of retirement nerds...and you would be right. But we're hard working, caring nerds, so it’s all good.) My desk now includes 4 pages of notes ranging from cybersecurity ideas for discussion, team/leadership development, to membership surveys. The information is only as good as the user, so my task is to explore each item to see how it might make our system even better.
When planning for your financial future, there are many different factors that you must consider to ensure you can achieve financial independence. I am constantly thinking about retirement, of course, because I work for a retirement system. But, for Millennials like me, we have a hard time thinking about retirement because it’s 20 or more years away. So, how do we set ourselves up to ensure we can reach a point in our life where we can do what we want, when we want to? Here’s idea to get you started, set a budget and stick to it.
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.
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.
Recently I asked Brian Collett, our CIO, to give me an update on our most recent investment numbers. He shared lots of information with me on our most recent numbers, but also talked about our Asset study that we just completed, and how that shapes our investment strategy.
Tagged Investment Return, Investments, Contribution Rates, Investments; Return; LAGERS Portfolio, Pension Health, LAGERS performance, Quarterly Update, Retirement, Retire, inflation, stock market, equities, Brian Collett, Sound Funding, Asset Study