A Tier 2 member who terminates City employment other than by retirement may leave their contributions in the Retirement Fund. Such former member’s individual account shall be credited with regular interest in the same manner as applies to a member’s individual account.
(a) Eligibility for Deferred Service Retirement. In order to become eligible for a deferred service retirement from Tier 2, a former member’s Tier 2 contributions must remain in the Retirement Fund, and the former member must have:
(1) Five (5) years of continuous City service, be age fifty-five (55) or older, and ten (10) years must have elapsed since the former member first became a member; or
(2) Five (5) years of continuous City service and be age seventy (70) or older; or
(3) Been a part-time employee, be age fifty-five (55) or older, and ten (10) years must have elapsed since the former member first became a member; or
(4) Been a part-time employee and be age seventy (70) or older.
(b) Application Requirements. A former member of Tier 2 who is eligible for a deferred service retirement must notify the Retirement System, in writing, when the former member wants to retire and shall then be retired with the retirement factor attributable to the former member’s age as provided in Subsection 4.1055(b), if age fifty-five (55) through sixty-four (64), or with a retirement factor of two percent (2%) if age sixty-five (65) or older, 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.
(c) 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. 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. (c) added, Ord. No. 182,824, Eff. 12-19-13.