(a) Eligibility for Normal Retirement.
(1) A Tier 2 member with ten (10) or more years of continuous City service shall be eligible to retire after reaching age sixty-five (65) with a retirement factor of two percent (2%).
(2) A Tier 2 member shall be eligible to retire at age seventy (70) or older, regardless of length of City service, with a retirement factor of two percent (2%).
(b) Eligibility for Early Retirement. A Tier 2 member with ten (10) or more years of continuous City service shall be eligible to retire after reaching age fifty-five (55) with the following retirement factor based upon his or her age taken to the completed quarter year:
Age | Retirement Factor |
Age | Retirement Factor |
55.00 | 0.7700% |
55.25 | 0.7880% |
55.50 | 0.8050% |
55.75 | 0.8230% |
56.00 | 0.8400% |
56.25 | 0.8600% |
56.50 | 0.8800% |
56.75 | 0.9000% |
57.00 | 0.9200% |
57.25 | 0.9430% |
57.50 | 0.9650% |
57.75 | 0.9880% |
58.00 | 1.0100% |
58.25 | 1.0350% |
58.50 | 1.0600% |
58.75 | 1.0850% |
59.00 | 1.1100% |
59.25 | 1.1380% |
59.50 | 1.1650% |
59.75 | 1.1930% |
60.00 | 1.2200% |
60.25 | 1.2500% |
60.50 | 1.2800% |
60.75 | 1.3100% |
61.00 | 1.3400% |
61.25 | 1.3750% |
61.50 | 1.4100% |
61.75 | 1.4450% |
62.00 | 1.4800% |
62.25 | 1.5180% |
62.50 | 1.5550% |
62.75 | 1.5930% |
63.00 | 1.6300% |
63.25 | 1.6750% |
63.50 | 1.7200% |
63.75 | 1.7650% |
64.00 | 1.8100% |
64.25 | 1.8580% |
64.50 | 1.9050% |
64.75 | 1.9530% |
(c) Application Requirements. A Tier 2 member who is eligible for normal 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) or 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 he or she will be laid off, the application may be filed less than thirty (30) days in advance and 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) The thirty (30)-day advance filing requirement shall not apply if the City has adopted a Resolution of Fiscal Emergency that is in effect and the Mayor has notified the System, in writing, that the City’s fiscal condition warrants a waiver of the advance filing requirement for a ninety (90)-day period from the date of such notification, provided that the application shall not be effective earlier than the date on which it is filed. As long as the Resolution of Fiscal Emergency remains in effect, the Mayor may extend a waiver of the advance filing requirement in successive periods of ninety (90) days each by written notification from the Mayor to 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 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. (d) added, Ord. No. 182,824, Eff. 12-19-13.