 |
 |
 |
 |
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAGERS has almost 200 different combinations of benefits. Most of the benefit options may be changed once every two years through an election by the subdivision's governing body. Changes in LAGERS options apply to current and future employees only.
The options that may be changed every two years are:
Click on the desired option below to view a narrated presentation or fact sheet on that topic.
1. The Benefit Program (Multiplier)
2. Employee Contributions (Contributory or Non-Contributory)
3. Final Average Salary (5 Year or 3 Year)
The Process required to Change LAGERS Benefits:
1. Request a Supplemental Actuarial Valuation (Cost Study)
- Determines a new employer contribution rate should the subdivision's
governing body elect a change.
- LAGERS will pay for one valuation per year (July 1 - June 30) for each
subdivision. LAGERS' actuary will bill the subdivision for additional
requests made within the same year. Click here for a Fee Schedule.
- Does not obligate the subdivision to make any change.
2. Cost Study Must be made Public Information for 45 Calendar Days
3. Subdivision's Governing Body may then pass an official Ordinance/Resolution
4. Send ordinance/resolution to LAGERS
There are 3 elections that may never be changed after joining LAGERS:
1. Amount of hours per year that is considered to be full time (1500, 1250, 1000).
2. Amount of prior years of service covered (100%, 75%, 50%, 25%).
3. Election to become a LAGERS member.
If you have any questions about benefit changes, please contact LAGERS.