WHO WE ARE: Helping People Is What We Do
Years of Expertise
In 1937, Los Angeles County established a pension trust fund to provide defined retirement and death benefits to eligible County employees. In 1938, the Los Angeles County Employees Retirement Association (LACERA) was introduced to administer it. Since 1971, LACERA has also administered the Retiree Healthcare Benefits Program.
LACERA is an independent governmental entity, separate and distinct from the County, that administers and manages the retirement Fund for the County of Los Angeles and outside Districts. We are one of the largest county retirement systems in America. Our fiduciary responsibility is to promote, enhance, and efficiently administer a financially sound retirement. We also administer the Retiree Healthcare Benefits Program, which is subsidized by the County.
LACERA is governed by two boards. Both boards are composed of elected and appointed members. The Board of Retirement is responsible for the overall management of the retirement system and the LACERA-administered Retiree Healthcare Benefits Program. 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.
HELPING OUR MEMBERS: THAT’S WHAT WE DO
LACERA’s members serve the County in vastly different ways; what they have in common is the expectation that, at the end of their service, they will receive their promised retirement benefit. We’re committed to helping people achieve their retirement goals, which is crucial to the fulfillment of our broader mission: To produce, protect, and provide the promised benefits.
Providing PEACE OF MIND
Although our members serve in hundreds of different capacities, they each enter County service with the promise that, at the end of their careers, they will be able to retire with secure lifetime benefits. A prudent Investment Policy Statement adopted by our Board of Investments provides the framework for the management of LACERA’s assets. LACERA maintains a long-term investment horizon with the objective of maximizing growth and stability to ensure current and future funding of the benefits promised to our members. Fund assets are invested in conformity with the recognized standards of care, skill, and diligence.
All LACERA retirement plans are defined benefit plans designed to pay a specified lifetime allowance to eligible members upon their retirement. Each member’s retirement allowance is based on three factors: age at retirement, years of service credit, and final compensation. Eligible members can retire with security, knowing they will receive a guaranteed retirement allowance every month for the rest of their lives.
Retiree Healthcare Benefits Program
LACERA administers the L.A. County Retiree Healthcare Benefits Program — Tier 2, which affords retirees a choice of medical coverage, including HMO, Indemnity, and Medicare Supplement plans. The County subsidizes retiree medical/dental insurance based on each member’s years of service credit.*
*Certain restrictions apply.
PUTTING MEMBERS FIRST
At LACERA, we work together to best serve our members. Teamwork enables us to spend more time in one-on-one counseling sessions with members and their beneficiaries, make self-service transactions easier than ever with enhancements to My LACERA, the member portal on lacera.com; and so much more. We are committed to helping members plan for the future, ensure that their families are provided for, stay connected with information about their retirement benefits, and retire with peace of mind.
To read a summary of LACERA’s financial and operational accomplishments in fiscal year 2016, refer to our Popular Annual Financial Report (PAFR). More detailed information can be found in our Comprehensive Annual Financial Report (CAFR).