View the "Understanding LAGERS Benefit Programs" narrated presentation.
View a printable handout of the presentation.
Frequently Asked Questions
What Benefit Programs are available?
L-1 (1.00%) L-12 (1.75%)
L-3 (1.25%) L-6 (2.00%)
L-7 (1.50%) L-11 (2.50%) available only to members not participating in Social Security
LT-4(65): 1.00% for life + 1.00% until age 65
LT-5(65): 1.25% for life + 0.75% until age 65
LT-8(65): 1.50% for life + 0.50% until age 65
LT14(65): 1.75% for life + 0.25% until age 65
L-9 (1.60%) & LT-10(65) No longer available for new elections, 9-1-05.
Who selects the Benefit Program for the employees?
Your governing body elected the benefit program that applies to all full time employees.
Once elected, can the Benefit Program be changed?
Yes. Your governing body may change the Benefit Porgram once every two years.
How is my retirement benefit calculated after a benefit program change?
Upgrades are retroacive / Downgrades are not retroactive.
If an upgrade is elected, ALL of your years of service credit will be calculated at the higher benefit program.
If a downgrade is elected, all of your years of service will be calculated at the higher program up to the effectve date of the downgrade. Future service accrued after the change would be calculated at the lower program.
Does a change in the Benefit Program apply to former employees?
No. Only current employees are affected by a change in benefits. Terminated employees and retirees are not affected by a change.
Does a change in the Benefit Program change the employee or employer contribution rates?
The employee rate of 4% or 0% does not change. The "cost" to the employer would change based on the benefits that have been elected.
Are the Life and Temporary (LT) programs effected by Social Security?
No. The temporary benefit payment will stop at age 65 regardless of when you begin to draw Social Security.
My subdivision has a LT-62 program. Are these programs still valid?
Yes. If your subdivision previously elected an LT-62 program, your temporary benefit will continue to age 62 instead of 65.