A Message from Eric L. Holoman, Board President

Baby Boomers who grew up not trusting anyone over 30 now have to think about retirement. More than 77 million Baby Boomers will retire over the next two decades, leaving 44 million persons to fill in the gaps left behind by the nation’s largest generation.

As President of LACERS Board of Administration and a Baby Boomer, I have the opportunity to address the retirement needs of this generation and the ranks that will follow.

Looking back, I recall a lifetime of bearing witness and participating in many social changes that reshaped our world. Looking forward, I anticipate many ways my generation will impact “retirement.” Aging Baby Boomers, or “Abbies” live life on their own terms. Life is not official until a phrase or term is coined to describe it. Some of us were hippies, dropouts, rockers, disco dancers, yuppies, re-inventors, dot-comers and dot-goners. Eventually we will become “retirees.”

However, we may never concede that we have aged. According to some studies, Baby Boomers even suggest that they will die before they grow old.

According to a landmark study by Merrill Lynch, Baby Boomers see retirement not as an end, but another “lifecycle” that will bring an opportunity to reinvent again and again.

Retirement for some will mean lots of leisure time, but unlike our parents, it may also mean second careers and high-energy activities. Our generation plans to stay active – to do the things that we have not had time to do because we were building our careers and raising families. For some, retirement means volunteer work and community service. For others, it will be second careers that give some emotional return in addition to extra income.

At LACERS, we are about you planning and achieving your dreams. We can help. First, attend one of our Planning for Retirement seminars. Second, explore financial planning options, such as LACERS Larger Annuity Program, an investment opportunity based on the five-year U.S. Treasury Note or our publicly traded assets. When you retire or leave City service, you choose how you want your Larger Annuity distributed – as a monthly payment or a lump sum. Additionally, the lump sum may be rolled over into another investment.

I also want to encourage all Members to attend our Lunchtime Lectures such as Increasing Service Credit, Retiree Health Benefits, and Divorce and Retirement visit www.lacers.org for the latest information.

To all my fellow Baby Boomers out there, remember that you’re part of the generation of change. In this transition into retirement, don’t forget to investigate the different options you have with LACERS - we provide the information you need today to plan for your tomorrows.