Congratulations! You are ready to start receiving your LAGERS retirement benefit. Below is a step-by-step guide to help you get started so you can transition smoothly into retirement and begin receiving your benefits.
Step 1: Confirm Your Eligibility
To be eligible to draw your LAGERS retirement, you must be vested with (earned 60 months of LAGERS service credit) and have reached your normal or early retirement age, or meet the “Rule of 80“, if applicable. Confirming your eligibility ensures that you’re ready to take the next steps in receiving your hard-earned benefits.
Step 2: Request a Benefit Estimate
While not mandatory, LAGERS highly recommends that you request a personalized benefit estimate before applying for retirement. This estimate shows your potential monthly benefit and payment options. A benefit estimate can help you determine if you’re financially prepared for retirement and help ensure there are no surprises in the process. You can instantly create an estimate online through your myLAGERS portal or request one by contacting the LAGERS office.
Step 3: Submit Your Application
To ensure your benefit begins on time, submit your retirement application between 30 and 90 days before you want to start receiving benefits. Monthly payments are distributed on the first business day of each month, making it important to align your application timeline with your planned retirement date.
Applying for your benefit begins with completing the Application for Retirement Form (LRS-8), which is available on the LAGERS website or through your myLAGERS portal.
During the application process, LAGERS will ask for a copy of your birth certificate and marriage license (if applicable), so be sure to have those on hand when getting started.
Step 5: Choose a Payment Option
Once you submit your application, a LAGERS benefit specialist will verify your employment details and calculate your benefit amount under each available payment option.
Approximately two to three weeks before your retirement date, you will receive a Retirement Options Packet that you must complete and return. Your Retirement Options Packet will include:
- Election of Allowance Option Form (LRS-9). Please review these carefully before making your selection, as it cannot be changed after you retire.
- Missouri and Federal Tax Withholding Forms (MO-W-4P and W-4P)
- Optional Direct Deposit Form (LRS-6)
Step 6: Receiving Your Benefits
Your first benefit payment will be paid on the first business day of the month, for that month. For example, if you retire effective Jan. 1, your first payment will be made on the first business day of January. For those who select direct deposit, LAGERS will issue a check stub with your initial payment to confirm the deposit details.
