Purdy joins LAGERS for its city employees
First retirement program to cost $15,500 annually
The Purdy City Council has voted to join the state LAGERS retirement program, the first time the city has considered a retirement benefit for its employees.
Mayor Steve Roden, who proposed participation, said the city would make contributions for 30 years, at approximately $15,500 a year. The city would pay $8,296 for its general employees and $7,224 for its two police officers. Over the 30 years, the city would also make actuary contributions of an additional $8,100.
"I recommend we buy about 25 percent and make it fully paid by the city so no contributions from employees are needed," Roden said. "I think it's beneficial to our city. It gives employees an actual retirement. A month ago, they had nothing. We have to start somewhere. We start in on the low end of it. It has room to grow."
Council members voted unanimously to join the program. Roden suggested having a representative from the state-run program explain come to Purdy to explain the details. Roden himself has heard similar presentations as an employee of the City of Monett. He planned to request the representative bring exact numbers to detail the city's commitment.