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BENEFITS


RETIREMENT OPTIONS

As a LACERA member you have a number of options regarding the distribution of your retirement benefits. These options affect the amount of the retirement allowance you will receive each month. It also affects the amount of the survivor benefit payable to your spouse or named beneficiary upon your death. The option you select will also determine whether or not you can change your named beneficiary after you retire. These retirement options are designed to offer flexibility and address various lifestyles.

We defined the beneficiary categories referenced within the retirement options on our Beneficiary page.

SERVICE RETIREMENT OPTIONS
  Overview Eligible
Beneficiary
PLAN A, B, C, D, or G
Survivor
Benefit*
PLAN E
Survivor
Benefit*
Change Beneficiary After Retirement
Unmodified Highest monthly retirement allowance available Eligible spouse, domestic partner, or minor child* 65% of member's allowance 55% of member's allowance

Plan A, B, C, or D: If your eligible beneficiary dies before you, you may name a new beneficiary who will receive any remaining portion of your accumulated contributions. The new beneficiary is not eligible for a continuing allowance.

Not available in Plan E.

Unmodified +Plus

Allows member to provide survivor a customized percentage of member's reduced allowance Eligible spouse, domestic partner, or minor child* Custom percentage between 66% and 100% of member's reduced allowance (reduced by only enough to cover the difference between 66% and 100%) Custom percentage between 56% and 100% of member's reduced allowance (reduced by only enough to cover the difference between 56% and 100%) No
Option 1 Member receives slightly reduced Unmodified allowance during his/her lifetime; named beneficiary receives remaining balance of member's accumulated contributions Any named beneficiary Lump-sum payment (remaining balance of member's accumulated contributions) Not available in Plan E

Plan A, B, C, or D: Full flexibility to change beneficiary at any time.

Not available in Plan E.
Option 2 Member receives reduced Unmodified allowance during his/her lifetime; named beneficiary receives 100% of reduced allowance Any named beneficiary with an insurable interest 100% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary) 100% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary) No
Option 3 Member receives reduced Unmodified allowance during his/her lifetime; named beneficiary receives 50% of reduced allowance Any named beneficiary with an insurable interest 50% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary) 50% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary) No
Option 4 Member receives reduced Unmodified allowance during his/her lifetime; can be customized to provide for multiple beneficiaries Any named beneficiary(ies) with an insurable interest Member can provide a fixed percentage or a set dollar amount to one or more beneficiaries (allowance reduction covers entire cost of survivors' continuing allowance, based on age of member and beneficiaries) Member can provide a fixed percentage or a set dollar amount to one or more beneficiaries (allowance reduction covers entire cost of survivors' continuing allowance, based on age of member and beneficiaries) No

*Survivor benefits terminate upon the death of the eligible surviving spouse, domestic partner, or named beneficiary. Surviving minor child(ren) are eligible for survivor allowances only when there is no surviving spouse or domestic partner. Survivor allowances to an eligible minor child continue until the child is no longer eligible.

12/3/15