Retiree May 2020 Paycheck Flyer
Cost of Living Adjustment For 2020
Each year the LACERS Board of Administration determines a Cost of Living Adjustment (COLA) for eligible LACERS Retired Members and Beneficiaries. The COLA is a reflection of the Consumer Price Index (CPI) for the Los Angeles Area, which has been determined to be 3.1% for 2020.
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 and Tier 1 Enhanced Retirees who have been retired for a full year or more will receive a 3.0% increase. The remaining 0.1% will be banked and applied in the future when the COLA is less than 3.0%. Pursuant 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, 2019, will receive a COLA of 1/12th of the 3.0% for each full month of retirement completed by June 30, 2020. Similarly, all Tier 3 Members who retired after June 30, 2019, will receive a COLA of 1/12th of the 2.0% for each full month completed by June 30, 2020. The COLA will be included in all eligible Retired Members’ and Beneficiaries’ July 31, 2020, check or direct deposit. If you have any questions, please contact the LACERS Member Service Center at lacers.services@lacers.org.
LACERS Informational Videos Now Available Online!
Were you unable to attend our Extravaganzas in February? Full-length presentations and highlights from this year’s events are now available to view at www.LACERS.org/gallery. Additionally, in light of the cancellation of our Medicare Workshop in March, the LACERS Medicare presentation is now available as a recorded webinar for you to review at your own pace in the comfort of your home. Look out for more video content to be posted in the coming months; if you have a suggestion for a LACERS topic that you’d like to see be discussed as a recorded video or as a webinar, please email your suggestions to lacers.services@lacers.org.
Duplicate LACERS 1099-Rs Available On MyLACERS
If you require a copy of your 2019 LACERS 1099-R, you can access it via your MyLACERS online account at https://mylacers.lacers.org. If you have trouble accessing it online or require assistance in creating your MyLACERS account, please reach out to lacers.services@lacers.org for help.