5 Things Every LAGERS Member Should Know About Their LAGERS Benefit

Whether it’s your first day on the job, or you’re a seasoned local government pro, you may feel a little overwhelmed when it comes to understanding your LAGERS benefit.  While there a many facets to how your benefit works, here are five simple themes every LAGERS member should know.

 

1. Your Hard Work Pays Off

LAGERS benefit calculation is pretty simple: work longer, earn more income in retirement.  That’s easy enough, but because you accrue service, and not an account balance, it can sometimes be difficult to visualize the true value of your LAGERS benefit.  LAGERS offers many different tools to help you estimate your future benefit, but know that each month you work, your future financial security grows - and that future monthly income will add up over a lifetime!

Tagged Disability Benefits, Funding, Retirement Security, Working after Retirement, state of the system, separating from employment, prefunded

From Our Members: Can I pull out funds before I retire?

Recently, a member emailed the following question to our infobox: "What are my payout options as it relates to my retirement fund? For example . . . if I needed car repairs, could I pull some out for that?" My immediate thought was to respond with a solid "NO," but then I started thinking about situations which allow a member to receive their own contributions before reaching normal retirement age.

Tagged quitting; leaving; terminating; employment, Borrowing, separating from employment

Retired but Want to Return to Work? read On for Your Options Under LAGERS

Tagged Retirees, Working after Retirement, Retirement, Retire, separating from employment

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