Each year, Missouri LAGERS mails active members their Member Annual Statement. This is one of the most important retirement planning documents your employees will receive from LAGERS, as it shows their retirement benefit as of Dec. 31.
As an employer, it’s helpful to be aware of what employees will see on their statements and what they should review in case they come to you with questions. In addition to the mailed statement, members can also view or download their annual statement on myLAGERS.
The Member Annual Statement will include key information about the employee’s LAGERS retirement benefit, such as:
- What they’ve earned as of Dec. 31: The amount shown in this section is the current value of their benefit if they were to have left their job at the end of the year. The “What you’ve earned” section is good planning tool for employees if they plan to leave public service soon and delay their benefit to a later date. This amount will be payable to the employee for the rest of their life once they reach retirement eligibility.
- Designated beneficiaries: This section shows who is listed to receive a refund of member contributions should LAGERS ever need to issue a refund.
- Vested status: This shows whether the member is vested and eligible for a future benefit. If they are vested, they are guaranteed to receive a benefit from LAGERS in retirement. To become vested, an active member must earn 60 months of LAGERS credit between one or multiple LAGERS employers.
- What they could earn if they continue working: This is an estimate of their benefit if they work until they are eligible to draw a LAGERS benefit. This estimate does not include any future pay increases. If earnings increase in the future, so will their future monthly benefit.
- Earnings record: This shows the last 10 years of wages as submitted by the member’s employer(s).
- Member contribution balance: The amount the member has contributed personally (if any) to funding their future retirement benefit.
What to do if a member finds an error:
If an employee comes to you with incorrect information on their Member Annual Statement, please contact your employer services specialist.
