LACERS Retired Members March Update

Article March 20, 2023

REOPENING APRIL 3 AT NEW LOCATION

Starting April 3, LACERS Front Desk at our new location on the first floor of 977 N. Broadway in Downtown Los Angeles’ Chinatown will be open Monday – Friday, 7:00 a.m. – 4:00 p.m., for general inquiries and document drop-off. Appointments are also available through our online booking system.

All online services and virtual counseling remain available for our Members.

*Please note a current government-issued photo identification or City employee badge is required to enter our building. Also, parking is NOT available at the building. Paid parking lots, public transit, and street parking are available nearby.

WILL AN IRMAA AFFECT YOUR LIFE? THURSDAY, MARCH 30, 10:00 A.M.

For many hardworking, recently retired City employees who enroll in Medicare, an Income-Related Monthly Adjustment Amount (IRMAA) is not the kind of surprise they were expecting. Join LACERS Health Unit for a one-hour webinar via Zoom covering Medicare basics and how IRMAAs are applied and how they can affect your retirement planning.

LACERS PENSION SYMPOSIUM REVIEW

LACERS’ first Virtual Pension Symposium held February 22, 2023, as part of a special Board of Administration meeting was a huge success! The event featured a range of speakers who educated our attendees regarding the national perspective of public pensions, risks to public pension funds, aspects of investments, retirement, and innovations at LACERS.

If you missed the Symposium or would like to re-watch a portion of the event, you can find the entire video in indexed portions on the LACERS YouTube channel. For your convenience, a transcription of the Q&A from the event is also available on our Pension Symposium webpage.

NEW IRS AND CA STATE TAX WITHHOLDING FORMS FOR 2023

The IRS has created a new Form W-4P (Withholding Certificate for Periodic Pension or Annuity Payments) that will be used for requesting any federal tax withholding changes beginning in 2023. The new Form W-4P is now available for your use. The following is a summary of some of the changes to Form W-4P:

1. You may now select one of the following options:

- Single or Married Filing Separately

- Married Filing Jointly or Qualifying Surviving Spouse

- Head of Household

2. Captures income from multiple jobs/pensions/annuities

3. Claim dependents and other credits

4. Default withholding is now Single with no adjustments

(changed from Married with three (3) allowances)

You may visit your MyLACERS account to view and estimate your tax withholdings. LACERS Members and Beneficiaries who already receive ongoing payments and who do not wish to make changes to their federal tax withholding elections are not required to file a new form; however, it is recommended that you review your withholdings and determine whether an adjustment is necessary. If you live in California and wish to change your state tax withholding election, you will need to submit a separate state tax withholding, Form DE-4P. For more information on new Federal tax withholding forms, please review our Frequently Asked Questions.

UPCOMING BOARD OF ADMINISTRATION MEETING

The next meeting will be on Tuesday, March 28, 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.