Built-in Flexibility Gives LAGERS' Employers Options

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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.

Tagged pensions, Plan Design, Recruiting, secure retirement, three legged stool, Retirement plans, Retirement, Retire, Goals

LAGERS Member Rosalie Spencer on 50 Years with Rolla Municipal Utilities - "It's Been an Honor to Serve Rolla."

My colleague Penny and I recently spent some time in Rolla to honor one of our long-standing members, Rolla Municipal Utilities employee Rosalie Spencer, who was celebrating 50 years with the organization with a lunch reception. Around 70 of Rosalie's friends, family and coworkers present and past were on hand to celebrate her accomplishment. "When I started here, I told them if they hired me I wanted to stay until I retire. And I am." Rosalie plans to retire at the end of April of this year, and because she has stayed for 50 years should be able to replace a sizable amount of her salary with her LAGERS benefit.

Tagged LAGERS, pensions, retiree, Retirement, Retirement Benefits, Retirement Security, Secure, secure retirement, Security, Financial security, Retirement, Retire

Secure Income from a Defined Benefit Plan Helps Achieve Financial Security in Retirement

 

I recently read an article from the Washington Post which stated, “If you don’t want to run out of money in retirement, follow this rule of thumb.” So, of course I clicked into the article to see what kind of advice they had to give.

Tagged Secure, secure retirement, three legged stool, Financial security

Back by Popular Demand - 5 Reasons to Love Your LAGERS Benefit

Untitled design-305412-edited.pngIt's almost Valentine's Day, and we thought it would be fitting to re-post one of our favorite blogs from 2015 by Elizabeth Althoff, "5 Reasons to Love Your LAGERS Benefit." There are so many reasons to love a secure retirement, and LAGERS checks all the boxes. So while you're thinking of candy and flowers and heaarts, now that LAGERS is thinking about your financial future.

Tagged COLA, disability, Disability Benefits, Employers, Members, Prospective Members, Retirees, secure retirement, Security, Survivors Benefits, Public service, inflation

GOT ETHICS?

“I think ethics is the most exciting topic in the world to talk about,” said no one ever.


 

I know people who actually cringe when they discover a seminar or conference they will be attending has a session on ethics. Some professions require training in ethics—for example, those of us with a CPA license must obtain a whopping two hours of ethics training per year. (Thank you Enron, Arthur Anderson, etc…)

Tagged compliance, Defending Pensions, Defined Benefit, Getting it Right, Members, pensions, Retirement, retirement planning, Retirement Security, Secure, secure retirement, Security, Strategy, Goals, ethics

When Can I Retire?

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 firefighter, police, Retirement, retirement age, Retirement Options, retirement planning, Retirement Security, secure retirement, Financial security, rule of 80, early retirement, public safety

The "Pension Crisis" is a Myth

Since the Great Recession in 2008, warnings of an impending pension crisis have been splashed across the business pages of newspapers across the country. Despite these boisterous decrees, America's public pension funds are stable. We explore the roots behind the false pension crisis narrative and examine the facts.

Tagged pensions, secure retirement, Value of pensions, NPPC, Financial security, Retirement plans, Retirement, Retire

Applying For Your Benefit is Easier Than You Think

One of the most common questions that many pre-retirees have for us at LAGERS is, “how much notice do I need to give LAGERS of my retirement?” I have had some attendees at our seminars expect it to be six months or more. While I know the excitement of retirement may make you want to apply for retirement a year in advance, LAGERS will need notification only 30 days before you retire.

Tagged secure retirement, Retirement Application

Back By Popular Demand: What's the Best Payment Option?

LAGERS offers several retirement payment options for you at retirement. And, believe it or not, there is not one option that is better than the other. In fact, the payment options themselves are designed to ultimately pay the same total amount to you or your beneficiary once both of you have passed away. That fact does not really help you make the decision as to which payment options you will choose. Because, while there is no better option than the other, there is an option that may better fit your needs in retirement. Here are some things you should be thinking about when determining which payment option you will choose.

Tagged Members, Retirement, Retirement Options, retirement planning, Retirement Security, secure retirement

Single? You Have Options at Retirement!

When presenting at a Pre-Retirement Seminar, many of the attendees ask me questions about what their spouse will receive from LAGERS once they pass away. There are a couple of options that married members may choose at the time of retirement that will pay to their spouse upon their death. Read this blog for more information about spousal options.  On the other hand, I do get some questions from single members wondering if they have any options. Don’t worry; even if you’re single, you have some options with your retirement benefit.

Tagged Employers, Members, Retirement Options, retirement planning, secure retirement, Single

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