$286 Million: That's How Much LAGERS Paid to Missouri Residents Last Year

DOWNLOAD THE 2018  ECONOMIC IMPACT REPORT

 

The recently released 2018 Economic Impact Report from Missouri LAGERS shows the pension fund paid $308 million to retired local government workers and their loved ones last year with ninety-three cents of every dollar ($286 million) staying in Missouri.

Tagged Economic Impact, Value of pensions, Missouri, pensions

If Your Employer Provides a Retirement Plan, You're in the Minority

 

A recent article in Forbes, Workplace Retirement Coverage Drops And The System Continues To Fail, by Teresa Ghilarducci, provides some sobering statistics about retirement preparedness for Americans. It is no surprise Americans who have access to a retirement plan at work will be better prepared for retirement than those without a plan. However, according to Ghilarducci, only 40% of workers in the U.S. are covered by a retirement offered by their employer. This is a 4% decrease since 2014 and this number has declined in 14 of the 17 years since 2000.

Tagged Retirement, Retire, Public service, Retirement plans, Value of pensions, three legged stool, secure retirement, congress

LAGERS Economic Impact - Northeast Missouri

 

Tagged Economic Impact, Defined Benefit, Retirees, Value of pensions, Missouri, pensions

Lessons from failed pension reform

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.   

Tagged pension reform, reform, firefighter, police, Value of pensions, value of local government

Why the City of Webster Groves Switched from a Defined Contribution Plan to a Defined Benefit Plan

In 2013, the City of Webster Groves joined the Missouri Local Government Employees Retirement System (LAGERS), a statewide public defined benefit retirement plan covering local government workers from all across Missouri. This is our story of why and how we made this giant leap forward in providing retirement benefits to our employees, and, we believe, in ultimately enhancing service to our citizens.

Tagged Missouri, Value of pensions, Local Government, cities, Retirement, Retire, value of local government, Retirement Security, Defined Contribution

LAGERS Economic Impact - Northwest Missouri

LAGERS retirees contribute to the economies of cities and counties all across our great state. Just take a look at this snapshot of the economic impact created by the retirees of Northwest Missouri. In 2017, over $15 million was paid to our retirees, who then in turn spent money in our communities with their LAGERS benefits.

Tagged Missouri, Value of pensions, Retirees, pensions, Economic Impact, Defined Benefit

our Experience with LAGERS

Jackie Barnett, PHR, SHRM-CP is a long-term public employee at the City of Columbia, MO.  She has completed 23 years of service and is the HR Manager responsible for payroll support and benefits for over 2000 employees. The City of Columbia has recently engaged LAGERS to do on-site meetings for its employees in order to better inform them on the value of a LAGERS pension. Since pensions are a great tool to attract, but also retain quality employees, the City wants to educate its employees on LAGERS in order to increase retention among City employees. This is her account of their experience.

Tagged Local Government, municipalities, cities, Financial security, Value of pensions, value of local government, Retirement, reitrement

Back by Popular Demand: How Retirement Benefits for Government Workers Help Everyone

Above: 2016 annual benefits paid to LAGERS' benefit recipients in Missouri.

 This post was originally published in November, 2017. For more information on how pensions benefit everyone, go to showmesecurity.molagers.org

Visit Show Me Security

DOWNLOAD: LAGERS 2017 Economic Impact Report

Employee benefits are often thought to be for the betterment of one and only one group - the employees. Rather than simply providing a salary, employers use benefits like health insurance, retirement plans, and paid vacation to build morale, keep good workers, and to attract new workers. For these reasons, it makes sense to think that compensation other than salary are good for the employees and only the employees. But there is more to it than that.

A publicly-held company must make decisions that will positively affect the bottom line so the shareholders may profit. Likewise, government leaders serve the taxpayers and make decisions to enhance the prosperity of their communities. Decisions about employee benefits, therefore, cannot only be valuable to the employee, but also must make sense for the shareholder or taxpayer. In other words, all stakeholders must get some return on the investment for employee benefits.

Tagged Defending Pensions, Defined Benefit, Value of pensions, pensions, Economic Impact, Taxpayers

A Secure Retirement for All - Not Just a Cool Vision Statement

A little over a year ago, LAGERS board and staff established “A Secure Retirement for All” as our new vision statement. By their nature, vision statements are meant to be lofty, inspiring and something on the edge of being unobtainable. However, every goal, strategy, and decision that is made at LAGERS is driven by this statement.

Tagged Value of pensions, secure retirement, Financial security

Everything you wanted to know about pensions but were afraid to ask

Defined benefits.

Funding levels.

Investments.

Contributions.

Economic Impact.

Any of this making sense yet?

Tagged Economic Impact, Local Government, Retirement, Retire, Financial security, Value of pensions, Retirement, pensions

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