Local Pension Plan Administration

LAGERS offers professional pension administration to Missouri local governments with closed or frozen pension plans. Choosing LAGERS as the administrator of the plan means will LAGERS handle all matters related to investments, administration, fiduciary duty, compliance, and legal.

Eligibility

In order for a local government to choose LAGERS as its plan administrator, the local pension plan must be frozen, meaning no further plan provisions changes can be made, no new employees will be enrolled in the local plan and employee benefits within that plan are frozen. All new employees would be enrolled into LAGERS.

More on Eligibility

  • The employer sponsor of the local plan must be a political subdivision of the state of Missouri with the authority to tax.
  • The local plan must be a frozen defined benefit pension plan where no new members are being enrolled into the plan (new hires would be enrolled in LAGERS) and/or benefit accruals have been frozen as of a specific date.
  • The employer sponsor of the local plan must have LAGERS-covered employees. If the employer is not currently participating in LAGERS, or if the employee group that is covered by the local plan is not currently participating in LAGERS, the employer must begin LAGERS participation for this group of employees prior to LAGERS accepting administration of the local plan.
  • The employer sponsor of the local plan must demonstrate a commitment to fully funding the required contributions determined by LAGERS.
  • The local plan must make changes to its plan document as prescribed by LAGERS.
  • The LAGERS Board of Trustees may deny affiliation with any local plan for any reason.

As the plan administrator LAGERS would:

  • Administer the benefits of the local plan as defined in the final plan document. The local plan document cannot be amended after LAGERS assumes administrative duties.

 

  • Process and distribute retirement benefit payments and all other distributions.

 

  • Interpret the plan document and make decisions about how the provisions apply to members, retirees, and beneficiaries of the local plan.

 

  • Process employer and employee contributions for funding of the plan.

 

  • Provide all investment, actuarial, legal, and compliance services.