Missouri LAGERS is tool for local government employers to attract good workers that provide valuable services to the taxpayers, keep those workers during their most productive years, then provide a dignified exit from the workforce. The amount of a pension benefit is tied to longevity so defined benefit plans discourage turnover. Defined benefit plans also help employees retire when they should. This is good for the employer so they can avoid the additional costs incurred when employees stay on the job too long.
All of these advantages of a defined benefit retirement plan are good for the taxpayers as well. Taxpayers want well maintained streets, good parks, healthy businesses, and great public safety. These things are a product of well-trained, experienced, and motivated public workers. Plus, nine in ten retired Missouri local government workers remain living in the towns they served while working and reinvest in their communities by spending their pension payments on local goods and services.
We all want to live in communities that are safe, stable and vibrant. This means we need to create towns with solid infrastructure, responsive public safety, great schools, good parks and successful businesses. Much of the work to produce such an environment is the responsibility of local government workers.
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The purpose of retirement plan should be to attract high quality workers, retain those workers during their most productive years, and then allow those workers the means to exit the workforce with dignity. This creates steady and predictable movement within the workforce so employers can make better personnel decisions and employees are motivated by opportunities for advancement. All of which are provided by the LAGERS Retirement System for Missouri's Public Servants.
LAGERS paid $283 million in pension benefits to over 20,000 retired Missouri local government workers last year. Nine in ten of these workers remain living and paying taxes in the Missouri towns they served while working so their spending helps stabilize local economies all over the Show Me State!
For more information about Missouri LAGERS, visit: www.molagers.org