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.
When the stock market is in flux like it has been recently, having a defined benefit that grows as you continue to work regardless of market performance can be very reassuring. Additionally, many of our retirees during this time have expressed their monthly check has been a stabilizing force for their financial security. So, rest assured your LAGERS defined benefit provides you with financial security both today and when you retire.
During these uncertain times, there seem to be more questions than answers. While your LAGERS system is designed to weather these types of storms, you may still have questions about how the COVID-19 outbreak will impact your LAGERS benefit. Here are the answers to the top frequently asked questions we have received:
It’s times like these where LAGERS strong plan design shines through for the thousands of public servants who rely on LAGERS’ benefits for their financial security. LAGERS provides our retirees with some peace of mind knowing their monthly benefit is going to arrive and provide them with essential income. We take this responsibility to our members and retirees very seriously, and it is shown through the system’s strong plan design. Here are 5 examples of how LAGERS is able to provide stability during times of instability.
As many of you know, we have had to cancel all of LAGERS in-person events from now until May 8th due to the Coronavirus (COVID-19). It was certainly not an easy decision to cancel these events that you, our members, rely on to learn more about your retirement plan. However, we still want to offer you the educational opportunities you need to further understand your LAGERS benefit. So, here are few of the online learning opportunities available to you.
Did you know that your LAGERS benefit isn’t just retirement benefits? If something were to happen to you while you are working there are also disability and survivor benefits available for active workers. These benefits are already included in the benefits provided by your employer and are automatic.
This year, LAGERS is seeking to expand the options available for employer election to provide more flexibility in the employee contribution election. Currently, an employer can elect to be either contributory or non-contributory. This year’s bills (House Bill 1467 and Senate Bill 768) seek to expand the options to 0, 2, 4, and 6% employee contribution. Over the past two years, LAGERS staff has traveled the state visiting with our members and employers about this proposal. While the feedback has been overwhelming positive, as with any legislative change, there are always questions. Here are a few of the most common questions we’ve received regarding this year’s proposal.
For America Saves Week, we're bringing back the story of the City of Webster Groves and how they found that a defined benefit pension plan was the best option for their employees to securely save for retirement. The City wanted to ensure that their employees had the best opportunity to achieve a secure retirement that could be provided. In turn, the employees benefited from the security of a defined benefit plan, and the City could remain competitive in order to recruit and retain the best crop of public servants for the community. Read Joan's account of how they came to the conclusion that LAGERS provided the best value for the employees of Webster Groves.