The BIG question on every LAGERS' member's mind is, "how much will I get from LAGERS when I retire?" The answer to this question is very important, since your LAGERS payments could be a significant portion of your income during retirement. The answer is also very easy for every LAGERS member to figure out because a simple formula is used to determine your payment amount:
% Multiplier X How Much You Make X How Long You Work =
Your Retirement Payments from LAGERS
The % multiplier is chosen by your employer and will be somewhere between 1%-2.5%. The higher this multiplier, the more you will get from LAGERS.
How much you make in salary while working in your local government job will also have an impact on your retirement income from LAGERS. The higher your salary while working, the more you will get from LAGERS.
LAGERS is designed to reward public service, so your retirement income is also affected by how long you work in a LAGERS-covered position. Your future retirement income grows with every month you work.