This Article sets forth the benefits and conditions of entitlement that have been established for persons who are members of Tier 1 of the Los Angeles City Employees’ Retirement System (LACERS) and for their beneficiaries. These benefits may be modified and the conditions of entitlement changed by ordinance as authorized in Section 1168 of the City Charter.
It is also the purpose of this Article to demonstrate the intent of the City of Los Angeles, through its governing bodies, to promote the improvement of personnel management and employer-employee relations by enacting from time to time such ordinances as may legally be adopted under the authority of Section 1168 of the City Charter whenever Memorandums of Understanding and other agreements, duly executed by all parties thereto and approved by the City Council, require by their terms presentation to the City Council of ordinances changing retirement benefits or conditions of entitlement thereto.
The Retirement System is established, as may be amended from time to time, as a qualified defined benefit plan intended to satisfy the provisions of Section 401(a) of the Internal Revenue Code as applicable under Section 414(d) of the Internal Revenue Code for a governmental plan and such other applicable provisions of the Internal Revenue Code, Treasury regulations, or other guidance.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
Amended by: Third para. added, Ord. No. 183,456, Eff. 3-4-15.