This article is re-posted from our Administrator blog, the blog we do specifically for our administrative contacts who work on the employer reporting side of LAGERS. If you're interested in subscribing to this blog we'd love to deliver you this great content straight to your inbox once a month.
It's sometimes easy to get confused when it comes to retirement, benefits and the different accounts and options that are involved. Your LAGERS benefit is a very specific type of retirement benefit, called a defined benefit plan, otherwise known as a pension.
Pensions work differently from many other types of savings mechanisms you might use for retirement, such as a 457 plan or a 401k. Here are just a few ways they are unique and different from each other:
For more information about different types of retirement plans and accounts, visit our page specifically devoted to this topic. It contains a lot of information about choosing the right type of plan for you, or your organization.