Retiree Resource: Fall 2023
It is important to keep your personal information up to date with LAGERS. Regardless of which Benefit Payout Option you elected at retirement, keeping your information, such as beneficiaries, up to date ensures all future payable benefits are made to whom you intend.
- Review and update contact information. – Maintaining accurate contact information ensures that you receive important updates and notifications regarding your retirement benefits, such as tax documents. It also helps protect you from potential identity theft or fraud.
- Review your designated beneficiaries. – Beneficiaries designated under Option A and B (options providing a lifetime annuity for your spouse) cannot be changed. Should your spouse pre-decease you, be sure to contact the LAGERS office to enact the Pop-Up provision on your benefit. Under this provision, a retiree receiving a reduced benefit under Option A or B may ‘pop-up’ to their full Life benefit in the event of the death of a spouse.
- File a Power of Attorney. – A Power of Attorney (POA) is a legal document that designates someone you trust to act on your behalf if you become unable to make decisions due to illness, injury, or any other reason. By appointing a POA, you ensure that someone you trust can handle your affairs and make essential decisions when you cannot.
You can verify and update your information on your myLAGERS account today!