Understanding Your Retirement

Understanding Your Retirement

Overview

If you don’t know when you can retire or how much you will receive once you do, review this section to understand what’s available to you!

Overview

Health Benefits

Retired members are eligible to receive a monthly medical plan premium and a dental plan subsidy to cover some or all of their health care premium. A subsidy is a monthly dollar credit applied to the cost of your medical plan premium. The premium is the monthly cost of insurance coverage for a LACERS retired member and any dependents. Your subsidy may or may not cover the total cost of your monthly premium. If your subsidy is less than your monthly premium, the balance is deducted from your retirement allowance.

Overview

Summary Plan Description

This Summary Plan Description (SPD) is a general description of the main features of the benefits provided by the Los Angeles City Employees’ Retirement System (the Plan), as set forth in the Los Angeles City Charter and the Los Angeles Administrative Code. In the event of any discrepancies between the SPD and the provisions of the Plan, the Plan provisions will govern at all times.

Overview

Leaving City Service Prior to Retiring

If you are not eligible for a Service Retirement, but are thinking of terminating City Service, you may still be eligible for certain benefits from LACERS. Your eligibility for these benefits will depend on the amount of Continuous Service you have when you leave City Service. 

If you have less than five years of Continuous Service, you can either:

Overview

Domestic Partnerships & Divorce

To establish a domestic partnership with LACERS, you must file a Declaration of Domestic Partnership or register your domestic partnership with the State of California. The Declaration of Domestic Partnership or State-registered domestic partnership must be filed at least 12 months prior to retirement in order for your domestic partner to be eligible for a Continuance benefit.

Filing a Declaration of Domestic Partnership with Personnel Department, Employee Benefits section is not sufficient to cover the administration of benefits with LACERS.

Overview

Durable Power of Attorney

Signing a Durable Power of Attorney may allow someone you select to take care of your financial affairs, including retirement benefits and health insurance benefits, in the event that you become incapable of managing your own affairs, either before or after you retire. Otherwise, it may be necessary to have the court appoint a conservator of your estate, which may be costly.

Overview

Furlough Status Workers

Understanding how furlough status affects your retirement

Will mandatory furloughs affect my retirement benefits?
No. Taking furlough days will not impact your retirement benefits because your benefit is determined by your Compensation Earnable, which is the amount your classification earns for 80 hours in a pay period.

If I am earning less money because of the furlough days, why won’t my retirement benefits be impacted?
Your retirement allowance is based on the following formula: Service Credit x Final Compensation x 0.0216.

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