(a) Full Retirement. A member shall be eligible to retire with a full (unreduced) retirement allowance:
(1) After reaching age fifty-five (55) with thirty (30) or more years of City service;
(2) After reaching age sixty (60) with ten (10) or more years of continuous City service;
(3) At age seventy (70) or older, regardless of length of City service.
(b) Early Retirement. A member shall be eligible to retire with an age-based reduced retirement allowance:
(1) After reaching age fifty-five (55) with ten (10) or more years of continuous City service;
(2) At any age with thirty (30) or more years of City service.
(c) Continuous Service Requirement. Where ten (10) years of continuous City service is required to qualify for retirement under this section, a minimum of five (5) years of such continuous service shall be actual service with the City. Service purchased under Section 4.1020 shall not count toward establishing the minimum five (5) years of continuous service based on actual service with the City. None of the service purchased under Section 4.1019 shall count toward establishing the minimum ten years of continuous City service required for retirement under this section. The requirement for ten years of continuous City service set forth in this section, however, may be satisfied based upon service with a reciprocal system to the extent necessary to comply with the provisions of Section 4.1096.
(d) Application Requirements. A Tier 1 member who is eligible for full or early retirement may file a service retirement application with the Board of Administration specifying a retirement date. The application shall be filed not less than thirty (30), nor more than sixty (60), days prior to the requested retirement date, except as follows:
(1) In the event a member has been notified by the City that the member will be laid off, an application that is filed less than thirty (30) days in advance shall be accepted provided it is filed with the Board while the member is still employed, specifies a retirement date prior to the member’s termination, and shall not be effective earlier than the date on which it is filed.
(2) So long as the Resolution of Fiscal Emergency adopted by the City Council on May 18, 2009 (Council file No. 09-0600-S8) has been extended in successive periods of ninety (90) days each by written notification from the Mayor to LACERS and continues in effect, as amended or revised from time to time, and the Mayor determines that the City’s fiscal condition so warrants, an application less than thirty (30) days in advance shall be accepted provided it shall not be effective earlier than the date on which it is filed.
(e) WPERP Service. All of the member’s service with the Water and Power Employees’ Retirement Plan (WPERP) shall be combined with LACERS service solely for the purpose of determining retirement eligibility under this section. All WPERP service, except WPERP service based on the purchase of Other Government Service (OGS) and noncontributory WPERP service, may count towards the minimum five (5) years of continuous City service based on actual service with the City requirement and towards the ten (10) years of continuous City service requirement, as applicable.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
Amended by: Subsec. (e) added, Ord. No. 182,824, Eff. 12-19-13.