OPTION 1 - Plans A, B, C, and D
Option 1 is a lump-sum benefit under which you receive a slightly reduced Unmodified Retirement Allowance during your lifetime and if you die before receiving the contributions you paid into the fund, the balance of your contributions is paid in a lump sum to your named beneficiary or estate.

Option 1 may be advantageous if you do not have a spouse or domestic partner or minor child who is eligible to receive a continuing allowance.*

BENEFICIARIES

• You may name any beneficiary with an insurable interest in your life.
• Only Option 1 allows full flexibility to change your beneficiary designation after you retire.
• The age of your beneficiary is not considered when calculating your allowance.
• If your beneficiary dies before you, the reduction to your retirement allowance remains in effect for you. However, you may name another beneficiary to receive the Option 1 lump-sum payment. You may name a separate beneficiary to receive the $5,000 lump-sum death benefit, or the $5,000 will be divided among the remaining named beneficiaries.

PLAN E
Option 1 is not available to Plan E members because they do not make retirement contributions.

To apply for retirement, call LACERA at 1-800-786-6464, or email welcome@lacera.com, or visit our public counter at 300 N. Lake Avenue, Pasadena.

*Spouses must be married one year prior to the member’s retirement. Domestic Partners must be registered with the California Secretary of State and have a current Certificate of Registered Domestic Partnership on file with LACERA one year prior to the member’s retirement. Children must be under 18, or 22 if a full-time student in an accredited institution.