LACERS Active Members Update for July
ANNOUNCEMENT
LACERS welcomes our newest Commissioner to our Board of Administration, Mr. Gaylord “Rusty” Roten. Commissioner Roten will attend his first LACERS Board meeting on Tuesday, July 25, 2023. Join us in welcoming him to the LACERS Board!
To learn more about Commissioner Roten and the other members of the Board, please visit our Board Members webpage.
3 IMPORTANT QUESTIONS TO ASK YOUR PARTNER BEFORE RETIRING
1. When Do We Want to Retire? Choosing your retirement age depends on your and your partner’s personal circumstances. As a LACERS Member, when you retire affects the amount you’ll receive from your LACERS pension and what amount, if any, your health care subsidy will be.
2. Where Do We Want to Retire? When you live in Los Angeles, hardly a day goes by when you don’t see a news story about Californians moving out of state. And while the grass may seem greener on the other side, where you live impacts your health plan options, the taxes you pay, your cost of living, and the weather you will be enjoying (or not).
3. What Happens When One of Us Passes Away? This can be a difficult, but necessary discussion. Knowing what benefits continue and the amounts of said benefits is important for future planning purposes. Additionally, being certain the correct beneficiary designations are in place is crucial when death occurs so that benefits are distributed properly.
Consider attending an upcoming Planning for Retirement Seminar or Webinar and visiting and subscribing to our YouTube Channel to familiarize yourself with your LACERS benefits. It will aid in your discussions with your partner. Don’t forget about other benefits that are not part of your LACERS Membership, such as the City Personnel’s Department Deferred Compensation Program and Social Security.
IRMAAS ARE IMPACTING OUR MEMBERSHIP
All LACERS Members participating in our retiree health care plans beginning at the age of 65 are impacted by LACERS Medicare requirements, including paying for Part B premiums and, for some, the Federal required surcharges known as Income-Related Monthly Adjusted Amounts (“IRMAA”).
We’ve heard from our Membership that changes to the benefit are needed.
LACERS’ outreach effort aims to educate Members about how the City benefit, LACERS, and Federal requirements work and the process to recommend benefit changes. We are collecting feedback from Members and Stakeholders on this issue. Please visit our IRMAA webpage to learn more about what LACERS is doing and to participate in our survey and/or submit your public comment to our Board of Administration.
NATIONAL SENIOR CITIZENS DAY | AUGUST 21
The achievements and contributions of our most mature people in the United States are profound. So much so that on August 21, 1988, the 40th President of the United States, Ronald Reagan, issued Proclamation 5847 proclaiming August 21 as National Senior Citizens Day.
Observing this special day may involve spending time with senior citizens you know or volunteering at a retirement home. If you are a senior citizen, check for special discounts and promotions that may be offered at stores and restaurants in your area.
UPCOMING BOARD OF ADMINISTRATION MEETING
The next meeting will be on Tuesday, July 25, at 10:00 a.m. Click here for more information.
*ADA Statement: Sign Language Interpreters, Communications Access Real-Time Transcription, Assisted Listening Devices, or other auxiliary aids and services may be provided upon request. To ensure availability, you are advised to make your request at least 72 hours before the meeting you wish to attend. Due to difficulties securing Sign Language Interpreters, notice is strongly recommended for five or more business days. For additional information, please contact (800) 779-8328 or RTT (888) 349-3996.