Congratulations to LAGERS
Missouri’s Local Government Employees’ Retirement System (LAGERS) Named 2015 Plan Sponsor of the Year
[Posted on 03/26/2015 at 3:29 PM]
Each year, the editors of PLANSPONSOR magazine, the nation’s leading information resource about workplace retirement plans, honor those plans that demonstrate leadership in providing a more secure retirement for workers. Strong plan metrics, relevant plan design, and a commitment to participant education are the hallmarks of distinction of PLANSPONSOR’s Plan Sponsor of the Year award winners.
The winner for 2015 in the public defined benefit (DB) category is Missouri’s Local Government Employees’ Retirement System (LAGERS).
LAGERS is a $6.3 billion system which, as of 2014, serves 58,276 participants from among 665 voluntary employer members (cities, counties, fire protection districts, libraries and other public entities in Missouri).
In an article in the March 2015 issue of PLANSPONOR magazine, writer Sara Kelly explains that LAGERS was recognized because of their strong investment returns (one-, three- and five-year returns of 19.0%, 12.2% and 15.0%, respectively), their innovative participant services, and their important contributions to the public policy discussions regarding the value and positive economic impact of public defined benefit plans to local and state economies. Executive Director, Keith Hughes said the key to the plan’s success is being focused on members and the mission. “Anything and everything you do,” he advises, “stay focused on the membership and you will always get the right results.”
LAGERS is the fourth Missouri public retirement system to be named a Plan Sponsor of the Year in the past seven years.
- The Missouri State Employees’ Retirement System (MOSERS) received the award in 2008 in honor of its strong governance, investment and customer service performance.
- The Plan Sponsor of the Year award went to the Public School & Education Employee Retirement Systems (PSRS/PEERS) of Missouri in 2011 highlighting that system’s asset allocation model and its commitment to delivering good value for the taxpayers’ money.
- In 2013, the State of Missouri Deferred Compensation Plan received the award after implementing a plan to reduce fees and enhance features which included the addition of Roth accounts, custom target-date funds, and automatic enrollment along with enhanced participant education.
Reflecting on this trend of recognition for exemplary performance by Missouri retirement systems, Gary Findlay, Executive Director of MOSERS, said, “I think there is a case to be made that the success of Missouri’s plans stems from solid fundamentals – a statutory framework that facilitates pursuit of excellence and a long history of responsible funding.” He added his personal congratulations to Executive Director Keith Hughes, and the staff and board of LAGERS noting that their recognition is very well deserved.
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