You receive 50% of your Final Average Salary at 20 years of service, plus 3% for each additional year of service; except in the 30th year you receive 4%. The maximum percentage payable is 90% of your Final Average Salary at 33 or more years of service.
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.
Service Retirement. Service retirement is a lifetime benefit. In general, you can retire as early as age 50 with five years of service credit unless all service was earned on or after January 1, 2013.
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.
Defined Contribution Retirement Plans – The County offers three supplemental retirement plans. Two are voluntary plans for full-time permanent employees and one is mandatory for all temporary, part-time and seasonal employees. These plans are governed by IRS code Section 401K and 457.
The balance of each pension payment will be taxable as ordinary income in the year received.
The average pension for all service retirees, beneficiaries, and survivors is $36,852 per year, while service retirees receive $39,372 per year. New retirees who just retired in fiscal year 2020-21 receive $45,516 per year.
Yes. There is nothing that precludes you from getting both a pension and Social Security benefits. But there are some types of pensions that can reduce Social Security payments.
The minimum retirement age for service retirement for most members is 50 years with five years of service credit. The more service credit you have, the higher your retirement benefits will be.
Your retirement allowance is a lifetime allowance; it will be paid to you every month for the rest of your life.
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.
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.