3.9 Retirement
Little Dixie Regional Libraries and its employees participate in the Missouri Local Government Retirement System (LAGERS). It is mandatory that all employees participate who meet the minimum hourly requirement of 29 hours per week on a permanent basis. LDRL will make contributions at a rate set forth by LAGERS for each eligible employee who has completed six months of continual employment.
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 completing 5 years of credited service, and 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 of the member.
Elected healthcare benefits end on the last day of the month. Retirees who are enrolled in the Library’s healthcare plan will have the opportunity to extend their coverage for up to 18 months under COBRA. Retirees pay the full premium.
Posted online September 7, 2021