The Board of Administration shall, by rule, provide for the making of additional contributions to provide a larger annuity benefit at the time of retirement. A member shall not be permitted to make such additional contributions, however, if doing so would cause the member’s benefits to exceed the Internal Revenue Code limitations referenced in Section 4.1029. All larger annuity benefits funded by the making of additional contributions, as authorized in this section, shall be determined by the actuary to be cost-neutral.
Solely for the purpose of making additional contributions to provide a larger annuity benefit at the time of retirement, the Board of Administration may accept, subject to any limitations imposed by federal law, a direct rollover distribution of funds from the City of Los Angeles 457 Deferred Compensation Plan after the date of the member’s retirement provided that: the member’s application to purchase a larger annuity benefit is received prior to the effective date of the member’s retirement; the member, prior to the member’s retirement, shall have provided the Deferred Compensation Plan with the written authorization that is required for funds to be transferred to the Retirement System immediately after the member’s retirement; the rollover is completed as soon as administratively feasible; and the larger annuity benefit is not payable to the member until after the funds have been received.
The Board of Administration shall have the authority to adopt all rules necessary to administer the larger annuity program within the constraints established in this section, including the authority to establish a deadline for the receipt of the rollover funds after which the member’s application shall be deemed denied.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
Amended by: Ord. No. 184,853, Eff. 4-6-17.