One of the most common questions members ask at Pre-Retirement Seminars is ‘what is the average cost of living adjustment LAGERS retirees receive each year?’
Did you know that every person living in Missouri benefits from the LAGERS system? How can that be, you might ask? While not every Missourian is actually drawing a benefit from LAGERS, the economic benefits produced by retirees spending their benefits, ripple throughout Missouri’s economy. This retiree spending produces major economic impact that affects each and every person living in our great state!
Typically, when one enters a new job or profession, he or she is confronted with a daunting task of learning the vocabulary and jargon of that particular field of work. The same can be said for me upon my recent employment at LAGERS. As I traverse this new world of pension vocabulary, I think it might be beneficial to pass my new found knowledge on to you, as I am assuming pension jargon is a foreign language to most who are not directly involved with the field of public pensions.
As you may know, LAGERS recently reached a milestone of 700 employers. While this milestone may not seem that significant to most, it tells quite an amazing story. Each and every year, LAGERS adds around 10-20 new employers seeking a way to recruit quality employees and give them a path to leave the workforce when they reach retirement age. Those employers that join LAGERS believe that this system gives their subdivision the best way to accomplish their goal perhaps better than providing a defined contribution plan.
One of my responsibilities over the years has been assisting some employers in joining the LAGERS system. The more of these employers I speak with, the more I have found there are some common misconceptions about the joining process. So, I thought I would clear up some of these common misunderstandings.