IMPORTANT INFORMATION FOR ANYONE CONSIDERING RETIRING THIS YEAR
The Los Angeles City Employees’ Retirement System (LACERS) undergoes review by its actuary annually. This year a change is being implemented to reflect the true cost of providing Cost of Living Adjustments (COLA) that your spouse/domestic partner, eligible for a Continuance (a member’s retirement allowance continued at 50% or greater for the spouse’s lifetime), receive upon your death. This may appropriately increase the cost to you of providing this optional benefit.
As there are various factors that determine the cost you may incur, please call LACERS if you have any questions after reading the information below.
WHO IS AFFECTED
This change will affect members who retire and choose to take a reduction to their retirement allowance to do one of the following:
Leave a Continuance to their spouse/domestic partner greater than 50%; or
Leave a Continuance for an ineligible spouse/domestic partner (married less than one year prior to their retirement date); or
Leave a Continuance to any designated beneficiary.
WHAT IS THE IMPACT
The changes will be applied on July 1, 2020. If you are considering retiring in 2020 and meet the criteria in the ‘Who is Affected’ section, you may contact LACERS and request an estimate to determine what impact, if any, this may have on your retirement allowance.
Address: 977 N. Broadway, Los Angeles, CA 90012-1728
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Phone: (800) 779-8328 (888) 349-3996 RTT