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.
Public pension plans that are well-funded share some common characteristics, according to the National Association of State Retirement Administrators (NASRA). And since LAGERS ranks in the top ten in terms of funding among U.S. plans, you may guess that these characteristics would be found in our practices. And you would be right.
Governor Parson signed LAGERS Public Safety Bill into law on July 10 meaning that many employers will soon have the option to cover EMS personnel, emergency telecommunicators, and jailors as Public Safety personnel with an age 55 normal retirement age.
Flexibility may not be a word you often hear associated with public pension plans. These plans are typically created by state or local policymakers, and changes to the plan structure are sometimes difficult and time-consuming. This is OK for many public pension plans because they cover workers with similar characteristics. It is common, for example, for all teachers covered by a pension plan to have the same retirement benefits regardless of the school district that employs them. All employees have the same benefits; the school districts and employees share in the cost of benefits; and all pay the same amount for those benefits.