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.
The COLA is based on the Consumer Price Index (CPI) in the Los Angeles Area, which has been determined to be 7.4% for 2023. 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 4.4% 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, 2022, will receive a COLA of 1/12th of the 3.0% for each full month of retirement completed by June 30, 2023. Similarly, all Tier 3 Members who retired after June 30, 2022, will receive a COLA of 1/12th of the 2.0% for each full month completed by June 30, 2023. The COLA will be included in all eligible Retired Members’ and Beneficiaries’ July 31, 2023, check or direct deposit.
DISCRETIONARY COLA – NOW OPEN FOR PUBLIC COMMENT
In an effort to provide Members with some relief from the current state of high inflation, the LACERS Board of Administration has requested that the City Council review granting a discretionary COLA to LACERS’ Members according to LAAC § 4.1023 and § 4.1080.17(c). This request was filed with City Council on April 14, 2023, and Council File #23-0418 is now open for public comment. View more information on this request at https://cityclerk.lacity.org/lacityclerkconnect/index.cfm?fa=ccfi.viewrecord&cfnumber=23-0418.
Have your voice heard by submitting a public comment online at https://cityclerk.lacity.org/publiccomment/?cfnumber=23-0418. Or, submit your comments in writing via U.S. mail to:
Office of the City Clerk: Council and Public Services Division
200 North Spring Street, Room 395
Los Angeles, CA 90012
LACERS MEDICAL PREMIUM REIMBURSEMENT PROGRAM
If you move outside of California or a LACERS California HMO service area but within the United States and its territories, you may be eligible to enroll in the LACERS Medical Premium Reimbursement Program (MPRP). Under this program, Members purchase their own non- LACERS, federally qualified HMO, or state-regulated health plan directly with the carrier and are reimbursed quarterly up to the amount of their maximum monthly Medical Subsidy.
For more information on MPRP, visit lacers.org/medical-premium-reimbursement-program-mprp or contact LACERS to request an MPRP Information Packet be mailed to you.
JOIN US FOR LACERS WELL UPCOMING EVENTS
Register for these events below through your MyLACERS account at https://mylacers.lacers.org. If you need assistance, call LACERS at (800) 779 – 8328 or email firstname.lastname@example.org. For a full list of upcoming events, visit lacers.org/lacers-well-events.
- In-Person Financial & Fitness Summit: Wednesday, July 13, at 9:00 a.m., Almansor Court at 700 S Almansor St, Alhambra, CA 91801
Join us for our in-person Fitness & Financial Summit hosted by Sean Foy and Randy Miller. A light breakfast and lunch will be served. This summit will cover both financial and fitness topics. Be sure to dress comfortably for exercise demonstrations.
- Mom’s Computer Technology Webinar: Wednesday, July 12, at 2:00 p.m
- Fitness Made Simple Webinar: Wednesday, July 19, at 9:30 a.m.
- Anthem Benefits Webinar: Health and Fitness Tracker: Wednesday, July 26, at 10:00 a.m.
- Brain Health Webinar: Lost Memories Video & Discussion: Wednesday, July 26, at 2:00 p.m.
- Financial Scams Webinar: Thursday, July 27, at 10:00 a.m.
The technology, exercise, brain health, and Anthem webinars are available on a recurring, monthly basis, so be sure to check the LACERS Well Event Page at lacers.org/lacers-well-events for additional dates. Zoom information will be provided one day before the class date.
Missed past LACERS Well events? We have several event recordings on various topics – finances, emotional wellness, fitness, and more! Visit the LACERS YouTube channel at youtube.com/lacersyoutube, and be sure to hit the subscribe button to receive alerts of newly posted videos.
As a covered entity under Title II of the Americans with Disabilities Act, the City of Los Angeles does not discriminate on the basis of disability and, upon request, will provide reasonable accommodations to ensure equal access to its programs, services, and activities.