LACERS Active Members Update for October
THINGS TO CONSIDER IF RETIRING EARLY
Members who began working for the City early in their lives/careers may begin to consider taking an early retirement once they find they meet the requirements at lacers.org/eligibility. However, several important points should be considered before taking an early retirement.
Early Reduction Factor: Taking an early retirement requires that a reduction factor be applied to your retirement allowance calculation – the younger you are, the more significant that reduction will be.
Duration: It is a lifetime reduction and will not be recalculated for any reason.
Health Coverage: One requirement for eligibility for a LACERS health subsidy is being at least 55. Members who retire before age 55 will not be eligible to receive the subsidy. Paying full price for a LACERS Health Plan before one turns 55 can be very costly and should be considered before applying for an early retirement.
Do yourself a favor and run several retirement estimates in your MyLACERS account before applying for an early retirement. Please call us at (800) 779-8328 if you need assistance running an estimate.
SEE YOU LATER, FARMER’S MARKET!
It was wonderful seeing so many of you at our regular pop-up at the City Hall Farmers Markets on Thursdays these past several months. We’re closing shop at this location for the season, but not to worry—we’ll be back in early Spring 2025! In the meantime, do you want the LACERS Member Engagement team to pop up at your work site? Fill out this form, and you and your coworkers can ask all your general retirement questions sooner than you think!
HAVE YOU SIGNED UP FOR THE FAMILY DEATH BENEFIT PLAN?
The Family Death Benefit Plan (FDBP) is a voluntary program that provides a monthly financial benefit that may give your family increased financial protection should you pass away before retiring. An employee becomes eligible for membership in the FDBP after 18 months of City Service. There is a nominal cost per period to participate. Watch a short video about FDBP on the LACERS YouTube Channel. Ready to sign up? Complete the Election to Participate in FDBP form and submit it to LACERS.
APPOINTMENTS ARE REQUIRED FOR ONE-ON-ONE ASSISTANCE
LACERS Members interested in receiving one-on-one assistance must make an appointment. LACERS offers both in-person and virtual assistance. Click here to make an appointment online or call (800) 779-8328.
Appointments aren’t necessary if you drop off documents Monday – Friday 8:00 a.m. – 4:00 p.m., and don’t need to speak to anyone.
*Please be advised that pre-entry metal detector screening requirements are in place at LACERS’ headquarters, and a current government-issued photo identification or City employee badge is required except when attending public meetings of the LACERS Board of Administration. Parking is not available at the building. Paid parking lots, public transit, and street parking are available nearby.
UPCOMING BOARD OF ADMINISTRATION MEETING
The next meeting is Tuesday, November 12, at 10:00 a.m. For more information, visit our Agendas and Minutes webpage.
*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.