Is Your Designation of Benefi ciary Form on File with LACERS?
Do You Need to Update It?
Part-time employees who are LACERS Members earn Service and Service Credit at a different rate than full-time City employees.
Sometimes, out of nowhere, our lives are forever changed. What would happen to your spouse or domestic partner if something happened to you? What would your children do if you died unexpectedly? While no one can predict the future, you can provide financial protection for your survivors in the event of your untimely death.
If you designate a benefi ciary, the benefi ciary you designate will, in most cases, remain in effect unless you make a change to it. Keep this form up to date so that in the event of your death, benefits will be paid as you intended.
If you do not have a Designation of Beneficiary form on fi le with LACERS, your contributions will be paid in the following order:
If you are okay with the order your assets will be distributed, then it is not necessary for you to complete a Designation of Benefi ciary form.
If you die while still working for the City, and have at least five years of continuous service, your Spouse/Domestic Partner may be eligible for a lifetime allowance, but only if he or she is entitled to receive all your contributions. If you have a spouse, this means that you must either not have a beneficiary designation on fi le with LACERS, or your beneficiary designation must designate your spouse to receive all your contributions. If you have a domestic partner, you must designate him or her to receive all your contributions.
For more information on Survivor Benefits and Beneficiary Designation, attend a LACERS Planning For Retirement seminar. You can register online at www.LACERS.org.