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Retro Check Adjustments for Retirement Allowances
LACERS processed most of the retroactive check adjustments, for retirees who retired before negotiated pay increases were included in their final average compensation, in the June payroll. Parts of this process were interrupted by social disturbances in the downtown area. In addition, retirements with a Domestic Relations Order (DRO) require additional analysis and calculations; therefore, they are still being processed. We hope to have the remaining adjustments processed and reflected in the July payroll.
Info Bulletin – LACERS’ Annual Review – 2nd Notice
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.
Important Information from LACERS
Caution! SPAM Retirement Offers from Non-LACERS Email Addresses
City employees have reported receiving numerous retirement planning offers from suspicious non-LACERS email addresses. LACERS reminds you of the following when receiving suspicious emails from non-LACERS email addresses:
Chief Investment Officer Message
In 2019, U.S. stocks, as reflected by the S&P 500 Index, gained 28.9%. This year we see the long-run bull market ending, much of it caused by recent global health concerns. The enormous market volatility can and probably will continue for many months. As such, you may have many concerns about its impact on LACERS.
LACERS Suspends In-Person Office Visits
Mayor Garcetti has ordered City departments and agencies to take additional steps that can help slow the spread of the novel coronavirus (COVID-19), strengthening the local response to the outbreak with measures that include new limits on public gatherings in City facilities.
For this reason, LACERS has suspended public access to our offices from external visitors at this time. Please know that assistance is still available via telephone and email during our normal business hours, 7:00 a.m. to 4:00 p.m., excluding holidays.
Annie Chao Swearing In
Annie Chao was elected to the LACERS Board by Active Members with
53.03% of the votes cast in her favor during the election that
was held on April 9, 2019. Annie Chao will be sworn in on
June 27, 2019 at the City Clerk’s Office for a five-year term
beginning July 1, 2019.
LACERS’ Annual Review
The Los Angeles City Employees’ Retirement System (LACERS) undergoes review by its actuary at least annually to ensure that its benefits are administered in accordance with all legal, tax and fiscal standards. This year a recommendation will be implemented requiring a minor adjustment to account for the Cost of Living Adjustments (COLA) that spouses/domestic partners, eligible for a Continuance (a member’s retirement allowance continuedat 50% or greater for the spouse’s lifetime), receive upon the member’s death.
LACERS Board Elects Officers for New Fiscal Year
Cynthia M. Ruiz was re-elected as President and Michael Wilkinson
was elected as Vice President at the Board of Administrations
July 23 meeting.