The past year was a really good one for LAGERS. We celebrated a big anniversary, remained on strong financial footing, welcomed 20 new employers, and more! Here are the highlights from a very eventful 2017.
LAGERS Celebrated Our 50th Anniversary
The biggest news for LAGERS in 2017 was the celebration of the system's 50th anniversary. Reaching the 50th year of serving the local government employees of Missouri is a great honor for LAGERS staff and board, and we look forward to continuing pursuit of creating a secure retirement for all. Click here to learn more about the history of LAGERS.
Keith Hughes Retires, Bob Wilson is Chosen as New Executive Director
Keith Hughes served LAGERS members for 30 years, six as Executive Director, until his retirement in June of 2017. Keith's career highlights include LAGERS being awarded the 2015 Plansponsor of the Year by PLANSPONSOR Magazine and the enacting of House Bill 1443 that allowed LAGERS to administer frozen legacy pension plans operated by Missouri political subdivisions.
LAGERS Funding Level Remains Just Under 95%
LAGERS continues to be one of the most financially stable public pension plans in the U.S. with a funding level of 94.8%. While our goal is to reach 100% funding, a pension plan is normally considered healthy at 80% funding. Learn more about LAGERS strong financial standing.
LAGERS Portfolio Returns 12.0% for Fiscal Year 2017
LAGERS reported a one-year investment return of 12.04%, net of all fees, as of June 30, 2017. Strong investment returns are always good news for members, employers, and taxpayers alike. LAGERS is a long-term investor, so while the one-year number is important, we tend to focus on a wider time frame. LAGERS five year return at fiscal year end was 9.27%. LAGERS assets now exceed $7 billion.
20 Local Governments Chose to Join LAGERS
LAGERS' defined benefit pension continues to be the preferred retirement plan for local government employers in Missouri. With 20 new employers choosing LAGERS membership in 2017, LAGERS now proudly serves 707 political subdivisions. Want to know which employers are in LAGERS? Click Here.
First Legacy Plans Affiliate with LAGERS
LAGERS also began administering its first two local legacy pension plans: the Jefferson City Firemen's Retirement System and the Jennings Police & Fire Retirement Fund. LAGERS offering this service to Missouri local governments is perfectly aligned with our vision and purpose and will help these plans attain financial solvency for decades to come. Learn more about this service.