LAGERS Retirement Plan
The Library District participates in a non-contributory Defined Benefit Plan offered by the Missouri Local Government Employees Retirement System (LAGERS). The Library District pays all required monthly contributions for each eligible employee who has completed six months of continual employment. Membership is based on 1,500 working hours over a 12-month period.
Every LAGERS member is said to be “vested” and eligible for a retirement benefit after the member has earned 60 months (5 years) of service credit with LAGERS. An employee may retire with full retirement benefits after (1) completing at least 5 years of credited service, and (2) attaining the normal retirement age of 60. Early retirement between the ages of 55 -60 with a reduced benefit is possible. Under a defined benefit plan the retirement benefit is payable for the lifetime of the member.
The retirement benefit is calculated using the employee’s final average salary, which is based on the last thirty-six (36) consecutive month period of employment. LAGERS Benefit Program L-7 was adopted in January 2006.
Elected healthcare benefits end on the last day of the month. Retirees who are enrolled in the Library District’s healthcare plans will have the opportunity to extend their coverage for up to 18 months under COBRA. Retirees pay the full premium plus a 2% administrative fee.
There is a sixty (60) day window for retirees to spend down their Flexible Spending Accounts for medical expenses or dependent care expenses.
The District will pay out accumulated annual leave up to 240 hours in accordance with Policy E544.
(Revised 11/12/2001, 12/10/2013)