What does LACERA stand for?
Los Angeles County Employees Retirement Association
The Los Angeles County Employees Retirement Association.
Is LACERA a government agency?
LACERA is an independent governmental entity that administers and manages the retirement fund for the County of Los Angeles and outside districts. We are the largest county retirement system in the United States.
What type of retirement is LACERA?
All LACERA retirement plans are defined benefit plans that pay you a specified monthly benefit for the rest of your life. General Plans A, B, and C are contributory plans to which both you and your employer contribute.
Is LACERA fully funded?
Over the past 15 years, each LACERA pensions has been funded as follows: 75% – funded by returns on investment income. 15% – funded with employer (County) contributions.
How do I retire from LACERA?
Retirement Planning If you want to retire by mail, you can write a letter to LACERA indicating that you are electing to retire and fax it to us at 626-564-6155 or upload it to My LACERA.
What is LACERA benefit?
LACERA is a defined benefit plan under which a member accumulates service credit. Each LACERA member receives an Annual Benefit Statement which details the member’s accumulated service credit, contributions, and credited interest.
How is LACERA funded?
LACERA’s retirement fund relies on three sources of funding: investment earnings, employer contributions, and employee contributions (except noncontributory Plan E).
Is LACERA pension a lifetime benefit?
Features of your LACERA retirement plan are outlined below and contrasted with those of defined contribution plans. Your retirement allowance is a lifetime allowance; it will be paid to you every month for the rest of your life. Benefit payments run out when money is exhausted.
How does LACERA retirement work?
Your retirement allowance is based on a percentage of your final compensation, and age is one of the factors used to determine that percentage. Between the ages of 50 and 65, the percentage increases with each quarter-year of age you attain. *In Plan A, there is no additional age benefit after age 62.
Can you withdraw money from LACERA?
If you are part of a contributory plan, you may withdraw your accumulated contributions from LACERA at any time (unless you return to County service or become employed in a reciprocal retirement system within six months).
Do LA County employees get a pension?
Robust Retirement Packages The County offers a number of deferred compensation plans for full-, part-time and seasonal employees. The plans provide a great way to save for retirement and supplement the defined benefit pension available to full-time employees.
Can I borrow from my LACERA retirement?
Pre-Retirement Withdrawal of Contributions If you are part of a contributory plan, you may withdraw your accumulated contributions from LACERA at any time (unless you return to County service or become employed in a reciprocal retirement system within six months).