LACERS Retired Members Update for January

LACERS OFFICES CLOSED THIS MONDAY, JANUARY 20

City Holiday: LACERS is closed this Monday, January 20, 2025, in observance of Martin Luther King Day.

WILDFIRE IMPACT ON MEMBERS

Our hearts go out to those affected by the recent wildfires. If you're a LACERS member who's been impacted, please click here for important information regarding your LACERS benefits.

2025 RETIRED MEMBER CHECK-UP

Now is a great time to check on your LACERS benefits. Here are some things to review:

Keep Your Beneficiaries Current

Review your designated beneficiaries annually to be sure that your benefits are paid out as you intended. You can view your designations via your MyLACERS account. To update them, submit a new Designation of Beneficiary Form. Forms can be found here.

Designate a Power of Attorney

What if you experienced an illness, an accident, or another life-changing event that left you unable to sign your own documents or make decisions? Whom would you want to step in and handle your affairs?

A Power of Attorney (POA) is a legal document that allows you to designate someone to act on your behalf when you are unable to do so yourself. LACERS has a special Durable Power of Attorney Form, which allows you to designate someone to manage your LACERS pension. Safeguard your interests and complete the form today.

Sign Up for Direct Deposit

Don't wait for the mail. Sign up to receive your monthly allowance by direct deposit. You can sign up and change the account on file with LACERS by completing a Direct Deposit Authorization Form.

LACERS Medicare Requirement

Retirees, Survivors, and dependents are required to enroll in and maintain Medicare Part B at age 65 (or sooner, if eligible) to qualify for a LACERS medical plan premium subsidy and to enroll/remain enrolled in a LACERS medical plan. Medicare Part A is also required if the Retiree, Survivor, or dependent is eligible for Part A premium-free. Learn more about Medicare on our website.

LACERS' 2024 POPULAR ANNUAL FINANCIAL REPORT (PAFR) IS NOW AVAILABLE

LACERS' 2024 Popular Annual Financial Report (PAFR) is now available. Members can learn about the current state of the LACERS retirement fund and more in the interactive version of the PAFR, available here.

GREAT NEWS! SOCIAL SECURITY FAIRNESS ACT SIGNED INTO LAW

On January 5th, President Biden signed H.R. 82, the Social Security Fairness Act into law. While this law does not affect LACERS benefits, it may result in increased Social Security benefits for some LACERS Members.

The Act repeals two federal provisions-the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)-which reduced Social Security payments for many public sector retirees and survivors who received pensions from a public retirement system not requiring Social Security contributions. With the repeal, Social Security benefits for these individuals will no longer face such reductions.

The Social Security Fairness Act applies to benefits payable from January 2024 onward. The Social Security Administration is actively preparing to implement the law. For assistance or more information, Members should contact the Social Security Administration directly at (866) 964-0991 or SSA.gov. Please note that LACERS cannot address questions about Social Security benefits or the impact of the new law.

LACERS 2025 PAYMENT SCHEDULE

While you're enjoying your retirement, you can count on your LACERS benefit to be sent to you by the last business day of the month. Please refer to the 2025 Payment schedule which show the dates for retirement checks being mailed and direct deposit transmittal dates for each month.

UPCOMING BOARD OF ADMINISTRATION MEETING

The next meeting will be on Tuesday, January 28, at 10:00 a.m. Visit our Agendas and Minutes webpage 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.

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