Author Archives: Penny Thomas

Back By Popular Demand                                             From Our Members: I Sent My Retirement Application, Now What?

A member recently emailed the following: "I downloaded the Application for Retirement. I will fill it out and send it in, but is there anything else I need to do at this time?"

Luckily, the process for retirement at LAGERS is simple. The member is right in that the first step is to submit the Application for Retirement 30 -90 days prior to when you want to receive your first benefit payment. You can apply online through your myLAGERS account or submit a paper application via mail, email or fax.

Tagged Retirement, Retire, apply for retirement, Retirement Application, retirement planning, Retirement Options, Payout Options, myLAGERS

From Our Members: When Will My LAGERS Benefit Run Out?

 

2018 National Boss's Day

Boss's Day was October 16th, and I must confess, in the past I looked forward to this day as much as I looked forward to going to the dentist. Not necessarily a day I celebrate. However, that has changed. I am excited and happy to say even though Boss's Day was officially the 16th, we are celebrating today, the 18th at LAGERS. We had our annual office chili cook-off and celebration of our bosses today.  I've definitely canceled my dentist appointment; I want to celebrate now.

From Our Members: Can I Borrow Money from My LAGERS Account?

 

Tagged Borrowing, Defined Benefit, Defined Contribution, 401(k)

2018 Annual Meeting Happenings

If you know Mary Lou Newman-Teel, make sure you congratulate her on winning this year's drawing for free lodging at the annual meeting! And thank you to all who entered by registering for the annual meeting early.

Tagged Annual Meeting, Board of Trustees

LAGERS Economic Impact - Northeast Missouri

 

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

The myLAGERS Route to Retirement Planning

What is myLAGERS, and why do I need a myLAGERS account?

I recently spoke with a former colleague who told me she was not even 30 years old yet and she has absolutely no interest in talking about or thinking about retirement or planning for her financial future. She did know when she would be vested in her current pension, but she had no idea how a pension works and couldn't tell me anything about her specific employer's plan. "I'll worry about that in a few years." Bottom line, she sounded exactly like me when I was her age, and my current-age self would love to have a "welcome to reality" talk with my younger self. Unfortunately, I was not convincing enough to make my former colleague take action to support her financial future, but she is now, at least, THINKING about it.

Tagged Retirement plans, Financial security, secure retirement, Planning, myLAGERS

From Our Members: I Sent My Retirement Application, Now What?

A member recently emailed the following: "I downloaded the Application for Retirement. I will fill it out and send it in, but is there anything else I need to do at this time?"

Luckily, the process for retirement at LAGERS is simple. The member is right in that the first step is to download, complete, and return the Application for Retirement 30 -90 days prior to when you want to receive your first benefit payment. However, you should be aware you can apply online through your myLAGERS account. You do not have to use a paper form or standard mail.

Tagged Retirement, Retire, apply for retirement, Retirement Application, retirement planning, Retirement Options, Payout Options, myLAGERS

The Art and Science of an Effective Board

Last week I had the opportunity to attend classes for my Certificate of Achievement in Public Plan Policy. I did not have any expectations going in other than I heard from co-workers the four-day event was quite grueling. My co-workers were correct, but I consider myself fortunate to have attended, as I expanded my knowledge about a variety of  topics within public pensions. I surprised myself that I found the governance class most appealing. Governance? Really? Yes, really. Surprise!

 

Tagged LAGERS Board, governance

From Our Members: How Do I Change an Account on My Direct Deposit?

A member recently emailed with the following question: I am recently divorced and need to change my direct deposit from the joint account I had with my ex-wife to my current account. Do I simply complete the direct deposit form and submit with a voided check? Or is there another procedure for changing it if I am already receiving direct deposit?

Tagged direct deposit, divorce

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