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Any officer or employee who, while on Military Leave as defined in Section 1023 of the civil service provisions of the Charter, is or becomes entitled to retire on pension or is or becomes entitled to any benefits under any provision of this Article, may exercise such rights or claim such benefits while on Military Leave.
(a) Real Estate Held in Board Name. Notwithstanding the provisions of Sections 105 and 385 of the Charter, title to any real property or interest in real property shall be held in the name of the applicable board and any real property or interests owned by a board may be sold, leased, or encumbered by the board.
(b) Board Names for Real Estate Purposes. The pension and retirement boards shall hold real property in the following names:
Board of Fire and Police Pension Commissioners of the City of Los Angeles
Board of Administration of the Los Angeles City Employees’ Retirement System
Board of Administration of the Water and Power Employees’ Retirement Plan of the City of Los Angeles
(c) Voting Procedure for Real Estate Investments. Any purchase of real property by a pension or retirement board shall require approval by a majority vote of all its members but one of the affirmative votes must be cast by an elected employee member of the board.
Section
1150 Los Angeles City Employees’ Retirement System (LACERS).
1152 Definitions.
1154 Retirement Fund.
1156 Transfer of Released Liability for Transferred Employees.
1158 Actuarial Standards.
1160 Budget.
1162 Contribution of Members.
1164 Employment by the City of a Retired Member of the System.
1166 Authority to Administer Other Retirement Plans.
1168 Establishment of Benefits by Ordinance.
1170 Benefits Not Assignable.
There is hereby created, established and adopted a retirement system for all officers and employees of the City of Los Angeles not now included within any other pension or retirement system under the provisions of this Article. The benefits of the System’s Plan shall be adopted by ordinance in accordance with Section 1168 of this Part 1 and shall be set forth in the City Administrative Code.
For the purpose of this Part 1 concerning the LACERS, the following words and phrases shall have the meaning ascribed to them in this section unless a different meaning is clearly indicated by the context:
(a) Accumulated Contributions: The total of the amounts paid into the fund by the member and any interest credited to the member’s account.
(b) Beneficiary: Persons entitled to receive a benefit from the Plan.
(c) Member: An employee of the City of Los Angeles who meets the membership requirements of the Plan as further defined in ordinance(s) establishing the benefits of the Plan.
(d) Plan: The Los Angeles City Employees’ Retirement System as adopted by the Council under authority of Section 1168.
(e) Retired Member: A member who has ceased employment with the City of Los Angeles and is receiving a regular monthly benefit payment from the Plan.
(f) Retirement Fund: The trust fund established for the LACERS separate and apart from the other money of the City.
(g) System: The Los Angeles City Employees’ Retirement System (LACERS).
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