LACERS Active 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.

2025 ACTIVE MEMBER CHECK-UP

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

MyLACERS Account

Have you created your profile on the MyLACERS Member Portal? MyLACERS is your online gateway to real-time details about your retirement account. Not sure how to get started? Watch this two-minute video.

Beneficiaries

Review your designated beneficiaries annually to be sure they are current. You can view your designations via your MyLACERS account. To update them, submit a new Designation of Beneficiary Form.

Attend a Retirement Benefits Seminar

It doesn't matter what stage you are at in your City career, attending a seminar is a necessary to understand all the components of your retirement benefits and eligibility. View the schedule on our website and/or register to attend via your MyLACERS Account.

Service Credit Purchases

Did you work part-time intermittently for the City of Los Angeles before joining the LACERS plan or full-time for another government agency? Have you gone through a divorce or taken a long unpaid leave of absence? If so, you may be eligible to purchase Service Credit, which may count toward your retirement eligibility and increase your retirement allowance and health subsidy.

Watch this Service Purchase video to learn more. When contacting LACERS to discuss a service purchase, be sure to ask to speak with a Buyback Representative.

Supplementing Your Retirement

Your LACERS benefit alone may not cover your expenses in retirement. To supplement your LACERS retirement allowance, you may want to consider the LACERS Larger Annuity Program and the Personnel Department's Deferred Compensation Program. These are voluntary programs that could help bridge an income gap in retirement.

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.

TAKE THE LACERS FAMILY DEATH BENEFIT PLAN SURVEY

LACERS wants to measure our Members awareness of the optional Family Death Benefit Plan (FDBP). Please take our brief survey. Your participation is appreciated!

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.

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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