LACERS Retired Members Update for April
APRIL 22 IS EARTH DAY
Earth Day reminds us of the importance of environmental conservation and sustainability. Let’s unite to protect the Earth today and for generations to come. Together, we can make a meaningful impact and create a more sustainable world. Get involved by visiting the Earth Day website.
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.
@LACERSOFFICIAL IS THE NEW NAME OF THE LACERS YOUTUBE CHANNEL
New name but same great source of information about your LACERS benefits and helpful wellness content. The LACERS channel is now verified on YouTube which means it is officially the credible source for LACERS content as a recognized public entity. Visit the channel at its new web address: youtube.com/@lacersofficial to subscribe and join over 2,000 other Members who are notified when new content is posted!
UPCOMING BOARD OF ADMINISTRATION MEETING
The next meeting will be on Tuesday, April 23, at 9:00 a.m and will be offsite at the Los Angeles Zoo. 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.