LACERS Retired Members Update for March

LACERS OFFICES CLOSED ON MONDAY, MARCH 25

City Holiday: LACERS will be closed on Monday, March 25, 2024, in observance of Cesar Chavez Day.

COST OF LIVING ADJUSTMENT EFFECTIVE JULY 1

The LACERS Board of Administration has approved the maximum allowable Cost-of-Living Adjustment (COLA) for eligible LACERS Retired Members and Beneficiaries at 3.0% for Tier 1 and Tier 1 Enhanced Members and 2.0% for Tier 3 Members. Tier 1 and Tier 1 Enhanced Members are City employees who became LACERS Members on or before February 20, 2016. Tier 3 Members are City employees who became LACERS Members on or after February 21, 2016.

The COLA is based on the Consumer Price Index (CPI) for the Los Angeles area, which has been determined to be 3.5% for 2024. The maximum COLA is set by the City of Los Angeles Administrative Code at 3.0% for Tier 1 and Tier 1 Enhanced Members and is set at 2.0% for Tier 3 Members. Tier 1 Retirees who have been retired for a full year or more will receive a 3.0% increase. The remaining .5% will be banked and applied in the future when the COLA is less than 3.0%. According to LAAC § 4.1080.17, the Tier 3 COLA benefit is capped at 2.0%, and there is no banked benefit. Therefore, Tier 3 retirees will receive a COLA of 2.0%.

All Tier 1 and Tier 1 Enhanced Members who retired after June 30, 2023, will receive a COLA of 1/12th of the 3.0% for each full month of retirement completed by June 30, 2024. Similarly, all Tier 3 Members who retired after June 30, 2023, will receive a COLA of 1/12th of the 2.0% for each full month completed by June 30, 2024. The COLA will be included in all eligible Retired Members’ and Beneficiaries’ July 31, 2024, check or direct deposit.

WE’RE HERE TO SERVE

Throughout every interaction, LACERS takes great care and pride in serving its Members and their beneficiaries. To ensure that you receive the best service experience possible, there are a few things to keep in mind when contacting us.

• Calm and productive conversations are our favorite. We understand that situations may lead to frustration, but please refrain from using unprofessional language when speaking with staff.
• Security is a top priority. As such, our policies and procedures are put in place to ensure that future generations of City employees can continue to receive these same great benefits we have today. You will need to verify your identity each time you contact us. LACERS’ staff are only authorized to speak to another person on your behalf if you give verbal authorization to speak to them for that one interaction only or, on an ongoing basis if they have a legal Power of Attorney over you and it is filed with LACERS.
• Come prepared with your materials that you have questions about before contacting LACERS to ensure you get the assistance you need. As subject matter experts on your LACERS’ benefits, you can trust us to provide accurate guidance and assistance. Don’t forget to bring paper and a pen to take notes of any instructions given. 

We hope that every experience you have with LACERS is a memorable one and for the right reasons. As we strive to provide you with excellent service, your kindness, respect, and patience when interacting with LACERS staff is always appreciated. 

In partnership,

LACERS

UPCOMING BOARD OF ADMINISTRATION MEETING

The next meeting will be on Tuesday, March 26, 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.