(a) Eligibility for Deferred Retirement. In order to be eligible for deferred service retirement, a former member’s Tier 1 contributions must remain in the Retirement Fund, and the former member must have five (5) or more years of continuous City service or satisfy the part-time employee exception set forth below.
(1) Full Retirement. To retire with a full (unreduced) retirement allowance, the former member must be:
(i) Age 55 or older with thirty (30) years of service; or
(ii) Age 60 or older and ten (10) years must have elapsed since the former member first became a member; or
(iii) Age seventy (70) or older.
(2) Early Retirement. A former member who is not yet 60 may retire with an age-based reduced retirement allowance at age fifty-five (55) or older, provided ten (10) years must have elapsed since the former member first became a member.
A former member does not need to have five (5) years of continuous service if the former member has been a member while employed for any period of time as a part-time employee whose membership terminates for any reason on or after October 18, 1992.
(b) Continuous Service Requirement. Service purchased under Sections 4.1019 and 4.1020 shall not count toward establishing the minimum five (5) years of continuous City service required for retirement under this section. The requirement for five (5) 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.
(c) Application Requirements. A former member of Tier 1 who is eligible for deferred service retirement must notify the Retirement System, in writing, when the former member wants to retire, provided that the date of the former member’s retirement may not be earlier than the date that the written notification is received by the System.
(d) 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, as applicable. Further, the date that the member first became a member of WPERP may be used to satisfy the requirement that ten (10) years must have elapsed since the member first became a member.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
Amended by: Subsec. (d) added, Ord. No. 182,824, Eff. 12-19-13; Subsec. (a)(1), Ord. No. 184,853, Eff. 4-6-17.