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LACERS Active Members August Update
New Tier 1 Mini Topical Retirement Benefit Videos
We are excited to share with you 16 new mini retirement benefit videos on the official LACERS YouTube Channel! The videos are short in length and categorized by topical sections to help you better understand your retirement benefits and process. Make sure to check them out here, and subscribe for the latest updates to the channel!
Retiree August 2020 Paycheck Flyer
REVIEW AND UPDATE YOUR DESIGNATED BENEFICIARIES
Designating a beneficiary is one of the most important things you can do for your loved ones. It provides a clear roadmap of your intentions, and in most cases, can eliminate unnecessary stress and worry for those left behind. If you don’t designate a beneficiary, your loved ones may be forced to acquire legal documents, which can be costly and result in significant delays in processing any payable survivor benefits.
LACERS Active Members July Update: FAQs on the City SIP and more…
City Separation Incentive Program FAQs
You may have heard about the City of Los Angeles’ Separation Incentive Program (CSIP) that is currently open for applications. LACERS has compiled a list of Frequently Asked Questions to help you navigate the program and determine if it is the right option for you. Please click here to view these questions. For further information about the CSIP, please visit the CAO’s website here.
LACERS Retired Members July Update
Practice Sun Safety this Summer
Summer is here, and that means sunny days are ahead! While having fun in the sun, it’s important to remember to monitor your skin’s exposure to the sun. Repeated overexposure can be a contributing factor toward skin cancer, the most common type of cancer in the United States. Here are some key tips to remember so you can enjoy the weather safely:
Family Death Benefit Plan Rate Decrease
Attention Family Death Benefit Plan (FDBP) participants: the monthly rate for the FDBP will decrease from $3.00 per month to $2.40 per month, effective July 1, 2020. Not a participant of the FDBP program yet? Click here to find out more information about the program to see if it is right for you.
City of Los Angeles to Offer Rent Support
The City of Los Angeles’ Emergency Renter’s Assistance Program is providing $100 million in temporary rent subsidies for tenants unable to pay rent due to COVID-19.
In order to qualify for the program you must:
- Live in the City of L.A.
- Have proof of tenancy
- Meet income limits
- Be economically impacted by COVID-19
The application period opens at 8:00 a.m. on Monday, July 13 and closes at 11:59 p.m. on Friday, July 17. Please visit HCIDLA.LACity.org or call (844) 944-1868 for more information.
News from the General Manager’s Desk
New Website, New Separation Incentive Programs, and a New Fiscal Year
Happy New Fiscal Year! First off, I want to thank you for your patience during what has been a challenging first half of 2020. The COVID-19 pandemic has affected all of our lives in profound ways, requiring social distancing and fundamental changes in how we eat, shop and work. Our economy has also suffered, with record high unemployment and continuing struggles for many of our small and local businesses.
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.