(a) Eligibility for Deferred Service Retirement and Retirement Factors. This subsection sets forth the age and service eligibility requirements, and the applicable retirement factors, for deferred service retirement for Tier 3 members. To be eligible for a deferred service retirement from Tier 3, a former member’s Tier 3 contributions must remain on deposit in the Retirement Fund.
(1) Full Retirement with Unreduced 1.5% Retirement Factor. A former member shall be eligible for a full (unreduced) deferred service retirement allowance:
(i) at age sixty (60) or older, with five (5) years of continuous City service, provided that ten (10) years have elapsed since he or she first became a member of the Retirement System; or
(ii) at age seventy (70) or older, with five (5) years of continuous City service, regardless of the number of years that have elapsed since he or she first became a member of the Retirement System.
A former member who is eligible for full (unreduced) deferred service retirement under this subsection shall have his or her retirement allowance calculated as set forth in Section 4.1080.7, applying a one and one-half percent (1.5%) retirement factor.
(2) Full Retirement with Unreduced 2.0% Retirement Factor. A former member shall be eligible for a full (unreduced) deferred service retirement allowance:
(i) at age sixty (60), with thirty (30) years of continuous City service, provided that ten (10) years have elapsed since the first date of membership; or
(ii) at age sixty-three (63), with ten (10) years of service, including five (5) years of continuous City service.
A former member who is eligible for full (unreduced) deferred service retirement under this subsection shall have his or her retirement allowance calculated as set forth in Section 4.1080.7, applying a two percent (2.0%) retirement factor.
(3) Full Retirement with Unreduced 2.1% Retirement Factor. A former member shall be eligible for a full (unreduced) deferred service retirement allowance at age sixty-three (63), with thirty (30) years of continuous City service, provided that ten (10) years have elapsed since the first date of membership.
A former member who is eligible for full (unreduced) deferred service retirement under this subsection shall have his or her retirement allowance calculated as set forth in Section 4.1080.7, applying a two and one-tenths percent (2.1%) retirement factor.
(4) Early Retirement with 1.5% Retirement Factor and Age Reduction Factor. A former member who is at least age fifty-five (55) but not yet sixty (60), with five (5) years of continuous City service, may retire with an age-based reduced retirement allowance, provided ten (10) years have elapsed since he or she first became a member of the Retirement System.
A former member who is eligible for early retirement under this subsection shall have his or her retirement allowance calculated as set forth in Section 4.1080.7, applying a one and one-half percent (1.5%) retirement factor, with an age-based early retirement reduction factor as set forth in Section 4.1080.7, Subsection (c).
(b) Continuous 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. A former member does not need to have five (5) years of continuous service if he or she has been a member while employed for any period of time as a part-time employee whose membership terminates for any reason on or after October 18, 1992.
(c) Service with the Water and Power Employees’ Retirement Plan. A former member whose contributions remain on deposit with the Retirement System and who either:
(1) is employed in a position with the Department of Water and Power (DWP) in which he or she is a member of WPERP; or
(2) is a retiree of the DWP who qualified for retirement under Tier 1 of WPERP with a Minimum Pension C, or who qualified for retirement from Tier 2 of WPERP under Subsection F of Section VIII,
shall be eligible to retire as a former member under the provisions of this section. Service with the Water and Power Employees’ Retirement Plan (WPERP) shall be considered for the purpose of determining the member’s length of service for retirement eligibility under this section where 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. LACERS shall consider such service to the extent required by those Code sections.
(d) Application Requirements. A former member of Tier 3 who is eligible for a deferred service retirement must notify the Retirement System in writing when he or she wants to retire, provided that the date of his or her retirement may not be earlier than the date that the written notification is received by the System.
(e) Calculation of Retirement Allowance. A former 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.