Pension Plan
Fully paid retirement plan - Missouri Local Government Employees' Retirement System. (LAGERS)
Employees earn 2% per year of service towards their defined benefit pension plan. Employees must work full time for five (5) years to be vested into the system. Sworn employees are eligible for retirement at age 55, civilian employees at age 60. The LAGERS L-6 plan provides for a 2% x Years of Service multiplier of the employees best five years of salary in their last 10 years of employment.
Example: Employee works 25 years and retires making $80,000 a year. Their pension payment would be 25 years x 2% = 50% of the $80,000 annual salary. LAGERS offers several ways to pay out pension benefits and employee elections could reduce or increase the monthly pension payment depending on the options chosen at retirement.
Deferred Compensation
Additional voluntary retirement financial planning through regular contributions to a deferred compensation plan with multiple investment options. The City does not do matching funds for deferred compensation.