There’s no time like the present to review and update your information with LACERS! As we begin 2022, there are some important items you can review to ensure you are on the right track with LACERS. Watch the 2022 LACERS Active Member Check-Up video, and then select a topic below to learn more about items you should review as a LACERS Member.
The yearly actuarial update that is published each spring. This helps Members make an informed decision regarding when to retire. Watch for an announcement from LACERS in the coming months.
Planning to retire this year? Find more details about the actuarial tables below:
What: Actuarial tables are updated in the spring and may impact your allowance amount depending on your specific scenario.
When: They are typically updated in April.
What to do: Run an estimate for a Retirement Effective Date (RED) before July 1 and after July 1 to see the difference if any. You must wait until the tables are updated in April to see the difference.
Are you interested in attending a Planning for Retirement Seminar but find yourself short on time? LACERS is planning short, information sessions conducted by our subject matter experts to help you understand popular retirement topics including Community Property, Power of Attorney, and Service Purchases. Check your MyLACERS account in the coming months for more information and to register.
To get the process started contact us 90 days before you plan to retire and submit your retirement application online 60 days before your retirement effective date using our new Retirement Application Portal. Make sure to visit our Applying for Retirement Online webpage for more information.
Time waits for no one when it comes to making service credit purchases! Make sure to research and make your purchases so that they can be processed before your retirement date. Learn more on the Service Credit Purchases webpage.
In the event of your death, your accumulated contributions will be paid to any person(s) or entity you nominate by written designation which is filed with LACERS. Therefore, it is important to review your designated beneficiaries on an annual basis to ensure they are accurate. Members can review their beneficiary selections using the MyLACERS account portal and update them by submitting a beneficiary form.
Start the new year off right by checking on your Deferred Compensation Plan. If you haven’t joined the City’s Deferred Compensation Plan, it is an opportunity worth looking into. You can choose to save a portion of your salary now, so that you can enjoy it in retirement. You can access your account or learn how to register by visiting la457.com.
The Family Death Benefit Plan (FDBP) is a great way for Active Members to provide increased financial protection for loved ones should you pass away before retiring. If you are not enrolled consider enrolling using the Election to Participate in FDBP form. If you are currently enrolled and not sure if you still need the plan, check out our article on when cancelling your FDBP enrollment may be beneficial. All Members are also encouraged to take the bi-annual FDBP survey. Your participation is appreciated!
Did you know LACERS’ total investment portfolio is valued at $22,518,983,000 or that 60.7 is the average Member age at the time of retirement? Learn about more interesting LACERS stats and facts by reviewing our interactive version of the PAFR!