LAGERS is Getting it Right for Missouri's Taxpayers:
There is a common misconception that taxpayers bear all the costs of funding defined benefit public pensions. The truth is, investment return funds the lion’s share of benefits and taxpayers receive substantial economic benefits from public pension plans.
LAGERS paid over $250 million in retirement benefits in 2015, $230 million of which stayed in Missouri. The protected monthly retirement benefit earned by local government retirees creates an economic stabilizer within Missouri communities. LAGERS retirees receive a pension check each month, so they don't need to adjust their spending habits based on the markets.
“I think [providing LAGERS] for our staff will reflect on the service supplied for our citizens.”
-Mayor Gerry Welch, City of Webster Groves, as quoted in the Webster Kirkwood Times
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Explore the Positive Economic Impact of LAGERS in your County!
About the Economic Impact
According to the National Institute on Retirement Security (NIRS), each $1 in state and local pension benefits paid to Missouri residents ultimately supported $1.41 in total economic output in the state. This “multiplier” incorporates the direct, indirect, and induced impacts of retiree spending, as it ripples through the state economy.
NIRS’ analysis rests on the recognition that expenditures have a “multiplier” effect in a regional or national economy. When money is spent at a local business, that business sees an increase in revenue, thus boosting the economy initially. But that initial purchase generates even more local income, as shop owners will spend more money at other local businesses, purchasing more input goods to make additional products. Then, those input business owners will also spend more money in the local economy to increase their production, and so on.
LAGERS Benefit Recipients
Living in Missouri:
Average Annual Recurring Benefit Paid to LAGERS Retirees in Missouri:
LAGERS is Getting it Right for Missouri's Employers:
A defined benefit plan is the most efficient way for employers to to attract and retain quality workers during their most productive years, provide employees with a dignified exit from the workforce, and to keep lines of promotion open for younger employees. Our communities deserve nothing less than the best services from the most dedicated and qualified public employees. Click here to see a list of who we serve.
“Providing a good retirement option will attract good employees and hopefully retain them as well.”
Barb Shupe, Administrator, Grand River Regional Ambulance District
LAGERS is Getting it Right for Missouri's Workers:
Employees covered under LAGERS have the peace of mind knowing they are earning a protected lifetime benefit that will directly reflect their working career. The more an employee works, the more he or she earns towards a secure retirement. LAGERS helps take some of the uncertainty and guesswork out of retirement planning, allowing Missouri's public servants to focus on serving their communities. Click here to learn more!
“I was willing to take less salary with the knowledge that retirement income is available.”
Mitch Lewis, City of Rolla 27 year employee
LAGERS is Getting it Right for Missouri's Retirees:
LAGERS provides a clear path to a dignified exit from the workforce, so that Missouri's public servants can retire when they want to retire. Benefits received at retirement are earned through years of service, not by unpredictable economic forces. This stable, predictable income helps LAGERS retirees remain economic drivers in their local communities, even in uncertain economies!
“My retirement income from LAGERS is a major blessing in our lives allowing us to pursue an active and happy retirement.”
Richard Malon, City of Columbia Retiree
Phone: 1-800-447-4334 Local: 573-636-9455 Fax: 573-636-9671 Email: firstname.lastname@example.org
701 West Main St. PO Box 1665 Jefferson City, MO 65102
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