The Missouri Local Government Employees Retirement System (LAGERS) was created by the 74th Missouri General Assembly in October 1967 and officially opened its doors in April 1968.
During its first year of existence, the young system was administered through a contractual agreement with the Missouri Municipal League and added its first full time staff member in 1969.
By June 1969, 70 Missouri local government entities had joined LAGERS with a total of 4,600 member employees and $2.1 million in assets. LAGERS is now the largest pension system for local government employees in the state of Missouri, covering almost 700 employers, over 33,000 active members, 19,000 retirees, with about $6 billion in assets and an overall aggregate funding level in excess of the national average. It’s safe to say the growth of the system has been anything but sluggish and LAGERS continues to provide a strong, secure platform within local government communities throughout the state of Missouri.
Not only has the growth of LAGERS membership been rapid, but also the expansion of benefit options available to members. LAGERS was created with one benefit structure that applied to all members. Today, the system offers almost 140 different combinations of benefit options that employers elect at the local level.
LAGERS continues steady membership growth each year while maintaining a fiscally sound system and expects nothing but continued stability in providing a protected, defined retirement benefit for all of its members.