When deciding on your retirement plan there are many things to consider. You probably have questions and want answers that fit your unique situation. Watch the video to get into a retirement frame of mind.

RETIREMENT - Terms you need to know

Vesting     Vesting: A term representing the years of County employment required for a member to receive a retirement allowance. Being vested entitles you to a retirement allowance when you terminate employment and meet the minimum age and service requirements. Vesting also entitles you to terminate County employment and defer receiving your retirement allowance until you are eligible and ready to apply for retirement. Vesting requirements vary per plan.

Retirement Service Credit (also known as Service Credit)     Retirement Service Credit: One of the components used to calculate a member's retirement allowance. The more years of service credit you have, the higher your monthly retirement allowance will be. Members earn service credit each payroll period, provided certain conditions are met. Formulas for earning service credit vary per plan. Under some circumstances, Plan D members may be eligible to purchase service credit for government work performed prior to becoming a member of LACERA.

Active Member     Active Member: A person who is working at least three-quarter time as a permanent employee of the County (or an outside district), and earning service credit in a retirement plan. Membership in LACERA is effective the first day of the month following the employee's date of hire.

Retired Member     Retired Member: A former County (or outside district) employee who has terminated active employment and met the minimum age and service requirements to receive a lifetime monthly retirement allowance.

Deferred Member     Deferred Member: A contributory member who terminated County (or outside district) employment vested with five or more years of County service credit, and left his or her plan contributions on deposit with LACERA.

Final Compensation     Final Compensation: A determining factor in establishing a member's monthly retirement allowance, it is an average of the member's highest monthly compensation earnable (salary) during any one-year (Plan D), or any three-year (Plan E) period.