Update on Grass Roots Retirement Group

LACERS has become aware of various mailings, most recently a registration form, being circulated by the Grass Roots Retirement Group (G2R2) in support of adopting a graduated retirement factor system.

LACERS wishes to clarify that the Grass Roots Retirement Group is an organization created by a group of employees of the City of Los Angeles for the purpose of promoting the graduated retirement factor system. LACERS is not affiliated with G2R2 and does not endorse its proposals or take part in any actions promoted by the G2R2 organization. LACERS does not have the authority to make any changes to the current retirement formula, nor does it take a position regarding any changes.

LACERS is responsible for administering the retirement plan as described in the Administrative Code. Changes to any benefit, including the retirement formula, are negotiated by t he CAO, acting on behalf of the City Council, and Employee Unions, acting on behalf of their memberships. These changes are then approved or disapproved by the City Council.

Until benefit changes are officially approved, LACERS will not have information to provide to Members. LACERS will communicate to all its Members any new benefit changes that are approved as part of future retirement options.

For further information, please contact your union.

Updated 01/30/04