Prospective Employer Eligibility & Process
Eligibility to Join the System
Process to Join
1. Request an Actuarial Valuation To request this cost study, contact a LAGERS representative. You will be asked to complete a personnel data form. This form will ask for information about your employees, such as hire date and salary, and also about any current retirement plan / investment program you may already have in place. There is a fee to perform the study.
2. LAGERS reviews any current retirement plans/investment programs. This review will help LAGERS determine how prior service credit will be handled in LAGERS. State law prohibits employees from receiving credit in LAGERS for the same period of time they received credit in another plan ‘similar in purpose’ to LAGERS. If the plan is found to be similar in purpose, the employer may still choose to pursue membership, but the prior service coverage options may be limited.
3. LAGERS actuaries prepare your Valuation (cost study), generally within 3-4 weeks. A LAGERS representative would be happy to meet with your Staff, Administration, or Governing body at any point during the membership process to present the program, review Valuation results, and/or answer questions. Contact the LAGERS office to schedule this meeting.
4. Your initial valuation must be made public information for 45 calendars days. Many employers note in their meeting minutes that cost information for LAGERS was discussed and is available for viewing for 45 days. This will satisfy your public notice requirement.
To verify the status of your employer’s Section 218 agreement, contact the State Social Security Administrator by phone or email: 573-751-1987 or 218agreements@oa.mo.gov.
6. Adopt an ordinance/resolution electing your benefits and effective date. Effective date can be the 1st day of any month after the 45 day public information period.
7. Be sure LAGERS receives a copy of the signed resolution within 10 days of adoption and before the effective date.