Your Benefit Payment
In retirement, you will receive your retirement allowance once a month on the last day of the month. You may choose one of the following options for the delivery of your retirement allowance:
Your retirement allowance will be deposited into the account at the financial institution you designate on the last day of the month.
Since the direct deposit program became available more than a decade ago, enrollees have always received their monthly retirement allowances on time.
To choose this option, complete and submit theform and return it to LACERS.
Your retirement allowance will be issued as a paper check and mailed to the address on file to arrive by the last day of the month. However, there may be unforeseeable postal delivery delays, such as adverse weather conditions or natural disasters that will affect the actual delivery date of your check.
Each year the LACERS Board approves Cost-of-Living Adjustments (COLAs)for Tier 1 and Tier 3 retired members and beneficiaries based on the Consumer Price Index (CPI) for the Los Angeles area during the previous calendar year. The COLA becomes effective July 1st of each year.
Read about current inflation concerns and how it affects your COLA here.
LACERS 1099-R MAILINGS
LACERS mails 1099-R tax documents to retirees and beneficiaries for the previous tax year on or before February 1 in accordance with Internal Revenue Service (IRS) rules. Please note that 1099-Rs are only sent to the address on file with LACERS.