August 28, 2020, For Immediate Relase
Jefferson City, MO – Effective August 28, 2020, LAGERS employers have two new options for the employee contribution election. Historically, an employer could elect to be either Contributory – meaning all eligible employee contributed 4% of their gross wages to help fund their future retirement benefit – or Non-Contributory- meaning the employer covered the full cost of offering LAGERS. The change in law now provides for two additional options, giving every employer the option to choose from a 0%, 2%, 4%, or 6% employer contribution amount.
