At times, when employers are considering joining the LAGERS system, they are choosing to switch from their standalone defined contribution plan to a defined benefit plan with LAGERS. These employers are making the choice to give their employees the ability to earn and receive secure monthly income from LAGERS when they retire. As well, they are setting a plan in place designed to recruit and retain quality workers while providing dedicated employees a path to retirement security. When employers are thinking about making the switch, there are few things they need to know.
Adding or changing your employer’s retirement benefits is a big deal. At one point or another, every LAGERS employer had to decide to provide LAGERS coverage to their employees. While the actual process of joining LAGERS is fairly simple, figuring out how to fit LAGERS into an employee benefit package can raise some questions. Here are some of the common issues that arise when employers consider adding LAGERS and how some of our most recent members addressed them.