May 2023 Paycheck Flyer
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, printed check or direct deposit.
Since the average CPI increase for last year exceeds the COLA caps, the LACERS Board of Administration has requested that the City Council review granting a discretionary COLA to its Members according to LAAC § 4.1023 and § 4.1080.17(c). Should City Council decide to consider this item, it will be agendized and discussed at City Council. LACERS continues to monitor this issue.
SIGN UP FOR DIRECT DEPOSIT TODAY!
Direct Deposit provides an easy, convenient way to deposit your retirement allowance to your selected financial institution, made available in your bank account by the last day of each month. Give yourself peace of mind and remove the worry of possible fraud or lost checks in the mail.
To start Direct Deposit, complete and return the Direct Deposit Authorization form. The form can be found online at lacers.org/forms or call LACERS at (800) 779- 8328 and request one 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 email@example.com. For a full list of upcoming events, visit lacers.org/lacers-well-events.
- In-Person Estate Planning Seminar: Wednesday, June 12, at 9:00 a.m., Almansor Court at 700 S Almansor St, Alhambra, CA 91801
Join us for an Estate Planning Seminar presented by Grace St. Clair, Esq., Erika Brown, Social Worker, City of Los Angeles Department of Aging, and LACERS’ Legal Processing Unit. A light breakfast and lunch will be served. This seminar will cover caregiving & living arrangements, grief and loss, wills, revocable living trust, advanced healthcare directives, and much more.
- In-Person 5K Hike/Walk/Run: Thursday, June 22, at 9:30 a.m., Silverlake Reservoir Trail at 1850 W Silver Lake Dr, Los Angeles, CA 90026
Join us for a Fitness 5k Hike-Walk-Run facilitated by Sean Foy. A light snack, bottled water, and a boxed to-go lunch will be provided. Be sure to dress in comfortable attire.
- Mom’s Computer Technology Webinar: Wednesday, June 7, at 2:00 p.m
- Fitness Made Simple Webinar: Wednesday, June 14, at 9:30 a.m.
- Anthem Benefit Webinar: Assisted Devices/ Durable Medical Equipment: Wednesday, June 28, at 10:00 a.m.
- Brain Health Class Webinar: Making Home Safe for a Person with Alzheimer’s: Wednesday, June 28, at 2:00 p.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.