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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.
(a) The provisions of this section shall not be applicable to any benefit payable pursuant to the provisions of Section 4.1010(a)(2). The provisions of this section, however, shall be applicable to each other benefit payable in monthly installments pursuant to any other provisions of this Article, but the application thereof to any such benefit shall not reduce the amount to be paid on or subsequent to July 1st of any year to an amount less than that payable immediately prior to July 1st of said year.
(b) The Board of Administration, not later than the 1st day of May of each year, shall determine with respect to the Federal Bureau of Labor Statistics Consumer Price Index for the Los Angeles area (“the C.P.I.”) the percentage of increase or decrease, if any, in the C.P.I. for the whole of the first next preceding calendar year from the C.P.I. for the whole of the second next preceding calendar year, and shall round any such percentage increase or decrease to the nearest one-tenth (1/10) of one percent (1%).
(c) The Board, whenever it shall have determined that there had been an increase or decrease in the C.P.I., shall increase or decrease the amount of each such benefit as hereunder provided, subject, however, to the limitations contained in Subsection (a) of this section:
(1) Effective the 1st day of July of each year, beginning with the year 1974, the Board of Administration, with respect to each eligible benefit which became payable prior to the applicable 1st day of July, shall increase or decrease the amount thereof payable immediately prior to the applicable 1st day of July by one-twelfth (1/12) of the percentage of increase or decrease in the C.P.I. as determined by it pursuant to Subsection (b) of this section, for each whole month that such benefit was payable during the year commencing the 1st day of July next preceding the applicable 1st day of July and ending the 30th day of June next preceding the applicable 1st day of July, providing that any increase or decrease in the amount of any such benefit shall not exceed one-twelfth (1/12) of three percent (3%) thereof for each whole month that it was payable during the year.
(2) If the percentage of increase or decrease in the C.P.I. in any calendar year, as determined by the Board of Administration, were to exceed three percent (3%), as compared with the C.P.I. in the preceding year, the percentage of increase or decrease in the C.P.I. in excess of three percent (3%) shall be accumulated and carried over and added to or subtracted from the percentage of increase or decrease in the C.P.I. in the next succeeding calendar year, and such procedure shall be complied with from year to year; except that for those years prior to 1974, in which the cost of living adjustment was capped at two percent (2%), the percentage of increase or decrease of the C.P.I. which was in excess of two percent (2%), rather than three percent (3%), shall be accumulated and carried over as provided herein. The foregoing provisions of this paragraph are to be complied with as to any person whose benefit was continued upon the death of a retired member if the benefit of such person and the benefit of such member, together, were paid for the whole year, commencing the 1st day of July next preceding the applicable 1st day of July, and ending the 30th day of June next preceding the applicable 1st day of July, but said provisions are not to be complied with as to any person whose benefit was not paid for said whole year.
(d) The amount of any benefit which shall be continued to any survivor upon the death of a retired member subsequent to July 1, 1967, shall be in the same ratio to the amount of the benefit which such member shall have been receiving as of the date of the member’s death as the amount of the benefit which originally would have been continued to such survivor shall bear to the amount of the benefit which originally was payable to such member.
(e) If it were to be impossible or impracticable for the Board to cause all necessary calculations to be made in time for it to include any increases or decreases in the amounts of benefits, as hereinabove provided, in the demands drawn in payment of such benefits for the month of July in any year, then the Board shall have the power and authority, when such calculations shall have been made, to increase or decrease the amounts of the demands drawn in payment of such benefits for any month subsequent to the month of July so as to include any increases or decreases in such benefits which shall have accumulated from and after the 1st day of July.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
(a) There is hereby created and established a policy whereby the City Council shall periodically review the matter of the cost of living adjustments for certain beneficiaries who receive retirement benefits from the Retirement System. The review shall be made to ascertain the impact of increases in the Consumer Price Index upon retirement benefits and the adequacy of the annual cost of living adjustments provided in Section 4.1022 of the Los Angeles Administrative Code.
Should the City Council find and determine that annual cost of living adjustments are inadequate in light of the movement of the Consumer Price Index, the City Council may grant additional but discretionary cost of living adjustments as hereinafter provided.
(b) The first of the reviews provided in Subsection (a) hereof shall be made during the fiscal year 1981-1982 and annually thereafter until the City Council has provided a first discretionary adjustment pursuant to this section. Thereafter, the City Council shall make periodic reviews in intervals not to exceed three (3) years from the date of the completion of the last review or from the effective date of the last discretionary cost of living adjustments, whichever shall be the later.
(c) Should it be the finding of the City Council that discretionary cost of living adjustments would be in order, any such adjustments would be subject to the following limitations:
(1) The first discretionary adjustment may be granted at any time. Thereafter, discretionary adjustments may not be provided more frequently than once every three (3) years, counting from the date the last discretionary adjustments became effective.
(2) Discretionary adjustments shall not exceed one-half (1/2) of the difference between the percentage of the annual increases in the cost of living, as determined pursuant to the provisions of Section 4.1022(b) herein, for each of the preceding three (3) years and the annual adjustments made pursuant to Section 4.1022(c). Discretionary adjustments shall be allocated to each of the three (3) years for which an adjustment is made. Should discretionary cost of living adjustments be granted during the fiscal year 1981-1982, the applicable annual increase in the Consumer Price Index shall be the one upon which the Board of Administration of the Retirement System has based those annual cost of living adjustments which became effective July 1, 1981.
(3) Any discretionary cost of living adjustments provided pursuant to the provisions of this section shall be subject to the following further limitation: If a benefit became payable on or after July 1 immediately preceding the effective date of such adjustments, it shall not be so adjusted; and any benefit which shall become payable at a time within a three (3)-year period between discretionary cost of living adjustments (but prior to the immediately preceding July 1), shall be prorated according to the annual increase on a monthly basis to the number of completed months for which the benefit was received.
(4) Discretionary cost of living adjustments may be granted only by ordinances adopted in accordance with the provisions of Section 1168 of the City Charter.
(5) All adjustments provided in this subsection are to be applied prospectively only and shall not be understood to permit retroactive adjustments of benefits.
(d) Discretionary cost of living adjustments shall only be applied to monthly benefits not otherwise excluded from cost of living adjustments under the provisions of Section 4.1022 of this Chapter.
(e) It shall be the duty of the Director of the Office of Administrative and Research Services to prepare appropriate reports and recommendations to enable the City Council to make findings as to the adequacy of the annual cost of living adjustments.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
Each beneficiary, as defined in Charter Section 1152, shall have the right, at any time, to waive payment of the whole or any portion of any benefit whatsoever or of any increase in the amount of any benefit which is or shall become payable to the beneficiary pursuant to any provision of this Chapter, and may waive payment thereof forever or for a definite or indefinite period of time. Any such waiver shall be in writing, shall be filed with the Board of Administration, and shall be effective as of the first day of the month following the month in which it shall be filed. Each beneficiary who shall make and file such a waiver shall have the right, at any time, to cancel the same. Any such cancellation shall be in writing, shall be filed with the Board of Administration and shall be effective as of the first day of the month following the month in which it shall be filed. Any such waiver shall constitute a complete release, discharge and acquittance of the City of Los Angeles and the Board of Administration from any and all liability to pay any amount or amounts of any benefits which shall be waived by any such beneficiary.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
Any benefit payable from the Retirement System that is not claimed shall revert to the Retirement Fund. Unless there is a different claim period specified elsewhere in this article, benefits payable from the Retirement System must be claimed within one (1) year. If the person entitled to a benefit is a minor, the period in which to claim the benefit shall be tolled until such person attains age eighteen (18).
In the event that a beneficiary is entitled to a benefit from the Retirement System but payment cannot be made for any reason, such as the beneficiary’s failure to cooperate, where the beneficiary’s whereabouts is unknown, or where a beneficiary has failed to cash an outstanding check within such reasonable time period as established by Board rule, and the Retirement System has followed Internal Revenue Service procedures to locate the beneficiary, the funds due to the beneficiary shall be forfeited to the Retirement Fund, provided that a beneficiary shall be relieved from such forfeiture upon receipt of a request from the beneficiary or anyone authorized to act on the beneficiary’s behalf.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
If it shall be impracticable for the Board to determine from the records the length of service, the compensation, either final or earnable, or the age of any member, the said Board may estimate, for all purposes of this Article, such length of service, compensation or age. It shall determine and fix the amount of service rendered which shall be the equivalent of a year of service, provided that not more than one (1) year of service shall be credited for all services rendered during any one year. In all cases where compensation of any member consists, in part, of payment for the use of equipment owned and operated by such member personally, the Board of Administration shall fix and determine, for all purposes of this Article, a compensation for the personal service of such member, which shall be in keeping with the salary or wage paid by said City for comparable service, and the compensation so fixed by the Board shall be the basis, and the only basis, for the calculation of the contributions of such member and any and all benefits provided for in this article. Each member shall file with said Board such information affecting the member’s status as a member of said Retirement System, as said Board may require, and the administrative head of each department of the City government shall furnish to said Board such information relative to any member, and the member’s status, as it may request.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.
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