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How Missouri LAGERS is helping build strong communities by creating a secure retirement for Missourians

Why LAGERS is Good for Every Missourian

Missouri LAGERS is tool for local government employers to attract good workers that provide valuable services to the taxpayers, keep those workers during their most productive years, then provide a dignified exit from the workforce. The amount of a pension benefit is tied to longevity so defined benefit plans discourage turnover. Defined benefit plans also help employees retire when they should. This is good for the employer so they can avoid the additional costs incurred when employees stay on the job too long.

All of these advantages of a defined benefit retirement plan are good for the taxpayers as well. Taxpayers want well maintained streets, good parks, healthy businesses, and great public safety. These things are a product of well-trained, experienced, and motivated public workers. Plus, nine in ten retired Missouri local government workers remain living in the towns they served while working and reinvest in their communities by spending their pension payments on local goods and services.

Why Public Service Is Important

We all want to live in communities that are safe, stable and vibrant. This means we need to create towns with solid infrastructure, responsive public safety, great schools, good parks and successful businesses. Much of the work to produce such an environment is the responsibility of local government workers.

Key Qualities of Public Servants

What does it take to be a public servant? Here are just a few of the intangibles it takes to be a local government worker.

 

Read More from this Blog Post.

A Case Study

The City of Webster Groves joined LAGERS in 2013 switching from a defined contribution plan.

Watch the video for the full story.

The Purpose of Providing Retirement Plans

The purpose of retirement plan should be to attract high quality workers, retain those workers during their most productive years, and then allow those workers the means to exit the workforce with dignity. This creates steady and predictable movement within the workforce so employers can make better personnel decisions and employees are motivated by opportunities for advancement. All of which are provided by the LAGERS Retirement System for Missouri's Public Servants.

LAGERS Retirees Fuel Missouri's Economy

According to the National Institute on Retirement Security (NIRS), retiree spending of public pension benefits creates a ripple effect across local, state and national economies. Monthly income received by these retirees isn’t stuffed under a mattress; it’s spent on local goods and services. Since pension benefits provide steady monthly income, retirees don’t have to adjust their spending based on economic concerns. In 2014 the total economic impact attributable to state and local pensions in the U.S. was almost $560 billion. Plus, pension checks generated $190 billion local, state and federal tax revenue. Learn more!

 

LAGERS paid $283 million in pension benefits to over 20,000 retired Missouri local government workers last year. Nine in ten of these workers remain living and paying taxes in the Missouri towns they served while working so their spending helps stabilize local economies all over the Show Me State!

 

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For more information about Missouri LAGERS, visit: www.molagers.org

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ShowMeSecurity

Good For Missouri

Purpose of Retirement Plans

Value of Public Servants

Retirees Fuel Missouri's Economy

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