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.

ANNUAL NOTICE OF RIGHT TO ELECT OR REVOKE FEDERAL INCOME TAX WITHHOLDING

LACERS is required to inform you that your periodic benefit payments from LACERS may be subject to Federal Income Tax withholding unless you elect not to withhold. If your benefit becomes effective in 2024, and a completed Form W-4P is not on file with LACERS, your withholding will be calculated as if your filing status is Single with no adjustments. For benefits that began before 2024, your current withholding remains in effect unless you submit a new Form W-4P.

LACERS 2023 1099-R FORMS HAVE BEEN MAILED  

LACERS has completed its mailing of 1099-R tax forms to retirees and beneficiaries for the 2023 tax year. The 1099-Rs are only sent to the address on file with LACERS. Therefore, if you have recently moved or changed your address, please complete and submit a Change of Address form. If you have not received your 1099-R, the earliest that you may request a duplicate to be mailed to you is the second week of February.

2024 LACERS OPEN ENROLLMENT – REMINDERS AND UPDATES 

• Health plan changes made during the 2024 Open Enrollment period are effective from January 1 through December 31, 2024, unless you experience a qualifying event and change plans by the associated deadlines. New deductions that reflect your health plan changes will appear on your December 31, 2023, retirement check.