(a) Eligibility for Service Retirement and Retirement Factors. This subsection sets forth the age and service eligibility requirements and retirement factors for Tier 3 members who retire directly from City employment.
(1) Early Retirement Prior to Age 60. A Tier 3 member with thirty (30) or more years of service, including at least five (5) years of continuous City service, shall be eligible to retire prior to age sixty (60) with a retirement factor of two percent (2%).
(i) If the member is age fifty-five (55) or older at the date of retirement, his or her retirement allowance shall not be subject to reduction on account of age.
(ii) If the member is younger than age fifty-five (55) at the date of retirement, his or her retirement allowance shall be reduced by the applicable early retirement reduction factor set forth in Section 4.1080.7, Subsection (c).
(2) Normal Retirement at Age 60.
(i) A Tier 3 member shall be eligible to retire at age sixty (60) or older with a retirement factor of one and one-half percent (1.5%), provided he or she shall have at least ten (10) years of service, including at least five (5) years of continuous City service.
(ii) A Tier 3 member shall be eligible to retire at age sixty (60) or older with a retirement factor of two percent (2%), provided he or she shall have at least thirty (30) years of Service, including at least five (5) years of continuous City service.
(3) Enhanced Retirement at Age 63.
(i) A Tier 3 member shall be eligible to retire after reaching age sixty-three (63) with a retirement factor of two percent (2%), provided he or she has at least ten (10) years of service, including at least five (5) years of continuous City service.
(ii) A Tier 3 member shall be eligible to retire after reaching age sixty-three (63) with a retirement factor of two and one-tenth percent (2.1%), provided he or she has at least thirty (30) years of service, including at least five (5) years of continuous City service.
(b) Continuous City Service Requirement. Service purchased under Section 4.1080.20 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) Service with the Water and Power Employees’ Retirement Plan. Service with the Water and Power Employees’ Retirement Plan (WPERP) shall not be considered for the purpose of determining the member’s length of service for retirement eligibility under this section unless such service was transferred to the Retirement System pursuant to reciprocity between LACERS and WPERP as provided by current Section 4.1095 or former Section 4.1060 of this Code, in which case LACERS shall consider such service to the extent required by those Code sections.
(d) Retirement Application Requirements. A Tier 3 member who is eligible for retirement under this section 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 that 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 and specifies a retirement date prior to the member’s termination. Under no circumstance shall an applicant be entitled to a retirement date earlier than the date upon which the retirement application is filed.
(e) Calculation of Retirement Allowance. A member who retires under this section shall have his or her retirement allowance calculated as set forth in Section 4.1080.7.
SECTION HISTORY
Added by Ord. No. 184,134, Eff. 1-22-16.