Myth: LAPP members can ‘beat the bank’ and get long-term, double-digit investment returns by quitting their job and removing their funds from the Plan.
Fact: A LAPP defined benefit (DB) pension provides a secure income in retirement without the significant risk that comes from investing. An added bonus is the peace of mind that comes with knowing your pension will last for the life of the member and their spouse or partner, too.
As a member, you work hard and contribute a significant portion of your income throughout your career to provide for your retirement needs. Your Pension is Secure because your contributions are added to a large fund and invested for the long-term, with the risk shared by 275,000 LAPP members, some working and some retired.
Watch our new video to see why you owe it to yourself to skip the water cooler advice about your pension, then check out the Myth Busters page for more tips on how to explain to others the ways in which you’re contributing toward your retirement.