Loading...
(a) Reserve Basis. The Board of Administration shall adopt an actuarial report showing the cost of maintaining, upon a reserve basis, the System and Fund, and shall, at intervals of not to exceed five years, cause to be made an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries, and shall further cause to be made an actuarial valuation of the assets and liabilities of the Retirement Fund. The board shall keep in convenient form any data necessary for the actuarial valuation of the Retirement Fund established in Section 1154.
(b) Setting Actuarial Assumptions. Upon the basis of the investigation and valuation, the Board of Administration shall:
(1) adopt for the System an interest rate and mortality, service and other tables as deemed necessary by the board; and
(2) revise or change the rates of the City contributions on the basis of these mortality, service and other tables.
(c) Records. In addition to other records and accounts, the board shall keep any records and accounts necessary to show at any time:
(1) the total accumulated contributions of the Members, both individually and collectively;
(2) the total accumulated contributions of Retired Members, less the total annuity payments made to such retired members; and
(3) separately the amounts paid into the fund by the City on account of that part of the cost of the System to be borne by the City.
(d) Annual Report. The board shall prepare at the close of each fiscal year a financial statement showing the assets and liabilities of the Retirement System and Fund.
(a) Transmittal of Budget. The board shall annually prepare and transmit to the Mayor and Controller a budget setting forth the estimated cost of maintaining the Retirement Fund. The budget shall include separate items as follows:
(1) City Contributions. A sum equal to a percentage of the salaries of all members of the retirement system, which percentage shall be the same as that shown in the last actuarial report rendered, as herein before provided to be the percentage required for members of departments with no past service.
(2) Liquidation of Unfunded Liabilities. A sum sufficient to liquidate, over a period of up to 30 years, any accrued unfunded liabilities assumed by the System.
(3) Administrative Expenses. At the discretion of the City Council, the administrative expenses of the System.
(b) General Obligation of the City. The obligation to pay benefits of LACERS shall be a general obligation of the City of Los Angeles.
(a) Contribution Required. Each Member shall contribute to the System by salary deduction at the rate of contribution established by ordinance.
(b) Member Accounts. The Board of Administration shall maintain an individual account of the contributions made by or for each Member. Regular interest shall be credited to the individual accounts as of the last day of each month equal to the yield of the five year Treasury Note as determined by the board.
(c) Payroll Deduction. Each Member shall be deemed to consent and agree to each deduction made as provided for in this section and the payment of each payroll check to a Member shall be a full and complete discharge and acquittance of all claims and demands whatever for the services rendered by each Member during the period covered by the payroll, except any claims that the Member has to the benefits provided for in this Part 1.
(d) Refund of Contributions. The right of each and every Member to be paid his or her accumulated contributions in the event of any subsequent repeal of this Part 1 is hereby declared to be a vested property right of each Member. Furthermore, the right of each and every Member to be paid his or her accumulated contributions upon his or her separation from the City service and the right of each and every beneficiary to be paid the Member’s accumulated contributions upon the Member’s death before retirement or his or her unused contributions upon the Member’s death after retirement are hereby declared to be vested property rights of each Member or Beneficiary.
(a) Prohibition. No person who shall have been retired from the service and employment of the City pursuant to the provisions of this System shall thereafter be paid for any service rendered as an officer or employee of the City, except for service rendered as an election officer, as an officer elected by the electors of the City, or as a Retired Member of the Board of Administration.
(b) Exception for Temporary Service. The Mayor may, at the request of the appointing authority, authorize employment of a Retired Member to a vacant position in a class in which he or she has been employed or, subject to the civil service provisions of the Charter, in any other position, for a period not to exceed 120 days in any fiscal year when such Member's services are required for an emergency or to prevent a stoppage of public business or when his or her special skills are needed to perform work of a limited duration. While so employed, the Retired Member will continue to receive his or her retirement allowance as a Retired Member, but will make no further contribution to the System, and will not be subject to any change in benefits from the System as the result of the employment.
(c) Exception for Board Fees and Employment as Election Employee. Notwithstanding any other provision of this section, no Retired Member appointed to a board of commissioners established by the Charter or by ordinance, shall be barred by reason of retirement from receiving the attendance fee provided for the members of the board, nor shall any Retired Member be barred by reason of retirement from receiving compensation for serving not more than 120 days in any calendar year as a temporary election employee exempted from the classified civil service of the City pursuant to the provisions of Section 1001 of the Charter. No Retired Member receiving compensation described in this subsection shall be considered as an active member of this System for any purpose.
SECTION HISTORY
Amended by: Subsec. (b), Charter Amendment Q § 6, approved March 8, 2011, effective April 8, 2011.
(a) Council Authorization. The Council may by ordinance adopted in accordance with Section 1168 authorize the Board of Administration to administer retirement plans for employees of the City who are not Members of the LACERS, or as a plan supplemental to any other pension or retirement plan established under the Charter or by ordinance. This plan or supplement shall be separate and distinct from LACERS and not subject to the definitions, conditions of entitlement or requirements applicable to LACERS.
(b) Fund. A separate fund administered by the Board of Administration of LACERS shall be created and established for the payment of administration expenses and benefits of any plan enacted under subsection (a). The source of funding for any such plan shall be determined by ordinance except that no assets of the LACERS Fund shall be available for such purpose. To the extent that the board is entrusted with investment responsibilities for such plans, the board shall be responsible for the investment of such funds in accordance with the standards that apply to the LACERS.
Loading...