This year’s holiday season feels a bit different; there is more optimism in the air, and rightfully so. With practical tools and resources in place to help reduce the threat of COVID-19, individuals can again consider taking part in long-awaited celebrations with loved ones, whether get-togethers are close by or require traveling a great distance. And while COVID-19 remains an ever-present part of our lives, it is encouraging to see that it can be managed when the right precautions are taken.
Optimism is in full swing here at LACERS, too. I am thrilled to share that the relocation and expansion of our headquarters at 977 N. Broadway is nearing completion. Veiled in Navy Blue and boasting state-of-the-art equipment, our new space augments our amazing staff and positions at LACERS to continue delivering the highest quality service to our Members.
As I have stated at LACERS Board Meetings, we are working with our actuary to explore the feasibility of allowing reimbursement of Medicare Part B Income-Related Monthly Adjustment Amounts (IRMAAs) and to reimburse Medicare Part B basic premiums for LACERS Members who started City employment before April 1, 1986, and are currently excluded from reimbursement. Admittedly, we are in the early stages of this endeavor, but our actuary will provide analysis back to the LACERS Board and staff in 2023. From this analysis, potential options for changing the benefits will be developed and shared with the City Council and the Mayor for their consideration.
In other news, LACERS, like all of you, is eagerly awaiting a resolution between Russia and Ukraine while simultaneously navigating the current economic environment marked by inflation and stock market volatility. We have also welcomed a new Mayor, Karen Bass who has replaced Mayor Garcetti. We look forward to seeing the new innovations and leadership she will bring to our great city. As much as these scenarios bring uncertainty, one thing is sure: The Team at LACERS is steadfast in our commitment to serving our cherished membership and ensuring that we deliver promised benefits accurately and on time.
I wish you all a healthy and safe holiday season.