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.
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.
This is the second year for LAGERS' annual Local Government Hero Award and the three finalists embody the very best in public service. Although the recent uncertainty in the world has brought more attention to local government workers and the importance of the services they provide to taxpayers, this is something we have known all along. Local government services directly touch our lives every day. Every time we flip a light switch, turn on a faucet, drive on a city street, and use a park, we have local government workers to thank. Beyond that, they are also the brave individuals that show up when we are having our worst days and need to make a 911 call. All of the recent attention is well-deserved, but these public servants should have the spotlight shown on them in good times and bad. That is why LAGERS is proud to recognize our best with this award.
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It's hard to find good news about the economy these days. Things are so uncertain and there continue to be more questions than answers. But one thing that hasn't changed is LAGERS' commitment to the people that depend on us.
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The 10-year challenge is all the rage on social media right now. People are posting pictures of themselves from 2009 and comparing them to pictures from 2019 as a way to see how 10 years has changed their appearance. It's made us wonder if we could do the same for LAGERS.
It's always nice to be thanked for a job well done. Everyone needs an "atta boy" once in awhile. And the team at LAGERS is no exception. We love when our members send appreciation our way for protecting their retirement money.
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' 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.