WORDS TO WORK BY
“To produce, protect, and provide the promised benefits.”
These eight simple words comprise our mission statement and fully explain why we exist and what we do. They are the words we work by.
Gregg Rademacher
Chief Executive Officer
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The keystones of our mission can be summarized by two elements: investments and customer service. We are mandated to grow the retirement fund and to provide eligible recipients with benefits as prescribed by law.
Our mission is weighty, its ramifications great. As the guardian of the retirement fund (the Fund), we are also the guardian of our members’ retirements. The benefits we diligently provide carry more than just monetary value; they represent security and a promised fulfilled. We never lose sight of that.
To ensure accurate administration of those benefits, we maintain a staff of experts in a broad range of disciplines. LACERA employs solid investment and business strategies designed to serve the best interests of our current and future members and their beneficiaries.
Although technology plays an important role in the scope and format of service options we provide, it is the men and women who comprise our highly trained staff who make the greatest impact on customer service.
LACERA is dedicated to serving our members and their beneficiaries with expertise and efficiency.
WHAT WE DO
LACERA administers and manages the retirement fund for the County of Los Angeles (County). We are the largest county retirement system in the U.S., serving 157,000 members. Our membership is comprised of individuals from a diverse range of careers, age groups, and ethnicities — all contributing to the greater welfare of Los Angeles County.
We are an independent governmental entity, separate and distinct from the County. Our fiduciary responsibility is to promote, enhance, and efficiently administer a financially sound retirement and health care benefits program through prudent investment and conservation of plan assets.
LACERA has been providing retirement, disability, and death benefits to eligible County employees, retirees, and their beneficiaries since 1938. In 1971, we began administering a retiree health care benefits program.
Maintaining Fiscal Responsibility
The Board of Investments establishes LACERA's investment policies and objectives, defines the duties of the Board, investment staff, investment managers, master custodian, and consultants. Our diversified investments include Stocks/Equities, Fixed Income/Bonds, Real Estate, and Alternative Assets which are featured throughout our annual report for the fiscal year ended June 30, 2009.
A Forward-Thinking Association
The Board of Retirement is responsible for the overall management and direction of the retirement association. In order to produce, protect, and provide the promised benefits, LACERA strives to create innovative ways to streamline and expedite retirement processes, integrate new technologies, and introduce new member service options and upgrades.
MANAGEMENT
LACERA is governed by two nine-member Boards: the Board of Retirement is responsible for the overall management of the retirement system; the Board of Investments is responsible for establishing LACERA's investment policy and objectives, as well as exercising authority and control over the investment management of the fund. The day-to-day management and operation of LACERA is delegated to a Chief Executive Officer, who is appointed by both Boards.
