LAGERS’ employers may choose to give EMS personnel, jailers and emergency telecommunicators an age 55 retirement by adding a public safety department. The addition of a public safety department is permanent, and employers must complete a formal process. Below explains the steps for adding a public safety department. Determine the…...
Back By Popular Demand: Taxes & Your LAGERS Retirement
As a retiree, it is important to understand the taxability of your LAGERS retirement benefit. Below gives you a brief explanation of taxation of your LAGERS benefit. Is my benefit subject to Federal income tax? Yes. However, if you were required to contribute a percentage of salary while employed, those…...
Retiree Resource: Is My Benefit Secure?
For many Americans, 2022’s tumultuous markets and rising inflation have added to their financial worry and stress. While LAGERS benefit payments are not impacted by market fluctuations, and retirees continue to receive cost of living adjustments (COLAs) to help guard against inflation, you may still be wondering if you will…...
Retiree Newsletter: LAGERS Retiree Supports Springfield’s Local Economy, One Slice at a Time.
Each year, LAGERS retirees submit photos of themselves patronizing their favorite local establishments during the annual LAGERS Loves Local photo contest. Linda McMillan, one of the 2021 contest winners, sat down with us at one of her favorite local establishments, Pizza House, to share more about how she and her…...
Retiree Newsletter: Benefits Corner
Cost of Living Adjustments As high inflation continues to impact US households, many retirees with fixed incomes are faced with the risk of losing purchasing power. Fortunately, your LAGERS benefit is designed to help protect against inflation risk with annual cost of living adjustments (COLAs). Each September, the LAGERS Board…...
5 Things You Need to Know to Understand Your LAGERS Benefit:
Your LAGERS benefit provides you with monthly payments monthly payments when you leave the workforce. Attached to this newsletter is your annual statement showing your current and projected monthly payments. Here are 5 things that will help you better understand your LAGERS benefit. 1. Each Month You Work, Your Benefit…...
Retiree News: When Will You Receive Your Tax Document
Preparing Your 1099: LAGERS staff is hard at work preparing your tax documents (1099-R). Federal regulations require LAGERS must postmark your tax documentation by the last day of January. Due to postal service delays, you may not receive your 1099-R until early February. Once your 1099-R is sent to our…...
LAGERS Provides Above Average Service at Below Average Costs According to Survey
LAGERS recently received results from a benchmarking survey conducted by an independent third party. The survey compares LAGERS member service and administrative cost levels compared to peers in the public pension industry. Results show that LAGERS provides above-average service to our members at below-average administrative costs, compared to our peers.…...
