We spend a lot of time talking about the savings crisis in the United States. We’ve written about the unfunded liabilities in 401(k) plans, we’ve written about the lack of financial literacy, and the dangerously low retirement account balances across the country. And while all of this might lead to the conclusions that having a defined benefit plan, like LAGERS, is an important cornerstone to retirement security in America, pension reform debates still often favor the significant reduction or elimination of defined benefit plans altogether.
I was recently invited to the National Association of Police Organizations annual conference to speak regarding Communicating the Value of Public Service and also participate in a panel discussing Plan Funding and Design.The conference focus was best practices in attracting and retaining the best possible public servants and re-instilling value, pride and commitment to community service.It was truly an honor to be part of a group so dedicated to making a difference and proactively moving our communities forward.The caring of so many across the country was humbling and inspiring.
When will YOU be able to retire? This is often the first question many of our LAGERS members have for us. Determining when the best time to retire may be for you is a big decision. There are different answers for different types of LAGERS members:
Tagged Financial security, secure retirement, Retirement Security, retirement planning, Retirement Options, Retirement, police, rule of 80, early retirement, retirement age, firefighter, public safety
Like with any benefit, there are certain eligibility requirements to be able to participate in LAGERS, and from time to time I’ll get a question from either an employee or employer wondering if a person qualifies for the benefit. This week, I thought we’d do a quick rundown of who is and is not eligible to participate in LAGERS.