When I'm out doing LAGERS Pre-Retirement Seminars and we get to the payout options section, I will inevitably always get the question "Can you help me figure out which payout option I should choose?" from a member of the audience.
If you remember your first day on the job, you might remember being asked to complete a LAGERS enrollment form. On that piece of paper, you designated beneficiaries for your LAGERS benefit. Do you remember who you put down? Do you know what that person might get? Or even more importantly, did you know that the person you designated might not be eligible for anything? Who gets what when it comes to your LAGERS benefit can be confusing especially since the person you designate as your beneficiary may not always be the first payable on your account in the event of your death.