ABOUT THIS WEBSITE
My name is Aleen Langton. I am an attorney at the Office of the County Counsel. I also currently sit on the Los Angeles County Employees Retirement Association (LACERA) Board of Investments and Board of Retirement, as a Trustee.
This website is my personal effort to make information about LACERA easier to understand. Everything on this website is my own view; not LACERA's view. For LACERA's official website, please go to www.lacera.gov
LACERA FACTS:
Lacera has 2 Boards: One for Retirement; One for Investments
LACERA Board of Investments
LACERA Board of Investments
LACERA Board of Investments
The Board of Investments builds and protects the money that is used for paying LA County Retirement Pensions. We make careful, long-term decisions to help the money grow and stay secure.
LACERA Board of Retirement
LACERA Board of Investments
LACERA Board of Investments
The Board of Retirement makes sure retirement benefits like healthcare are properly given to retirees; we look at disability cases for those that are going to retire; and we make sure the whole retirement system runs fairly for everyone who depends on it.
WHAT LACERA DOES VS. WHAT EMPOWER DOES
How the Pension works:
- While you work:
You and the County contribute money to LACERA. - LACERA invests that money — in stocks, bonds, real estate, etc. — to help it grow.
- When you retire:
LACERA uses the collected money to pay you a monthly income for life,
Both 401(k) and 457(b) plans are retirement savings accounts
- While you work:
You and the County put money into your 401(k) or 457(b) account. You don't have to pay tax on this money. - You choose how much to contribute from each paycheck — for example, 5%, 10%, etc.
- The money is invested (in mutual funds, stocks, or bonds) and grows.
- When you retire and start withdrawing it, you pay taxes on what you take out.
The County of LA gives its employees a Defined Benefit Plan. This is a retirement plan where the County promises you a set (defined) amount of money after you retire. LACERA is the agency that takes care of this plan.
The payment you get is called a Pension, and it is guaranteed for the rest of your life.
The amount you get will be based on:
- your salary
- your number of years working for the County and
- your age at time of your retirement.
LACERA also pays for some (or all) of your health care
EMPOWER is separate than LACERA.
EMPOWER handles your 401(k) and 457(b) retirement savings accounts
Do not ignore these accounts,
even if they seem complicated.
The 401(k) and/or 457(b) accounts help you invest and save so that you retire with more money.
The County gives you a "match" for these accounts which means that they "add the same amount of money" that you put into your accounts.
For example, if you put $100 into your 401(k) or 457(b) account every month, the County adds $100 of free money to that account. They do this to help your money grow. However, they will only give you 4% of salary.
Putting money in these accounts is voluntary but it is highly encouraged. You get to decide how much you want to put.
If you are not already putting money from your paycheck in your 401(k) and/or 457(b) accounts then you are throwing away free money from the County.
You should call EMPOWER today if:
- you are not putting money in your 401(k) and/or 457(b) accounts;
OR
- you don't know how much money you are putting into those accounts.
Don't call next week, not next month…but today.
(they are open until 7pm).
That's how important this is.
1-800-947-0845
EMPOWERS Hours:
Monday - Friday between 5 a.m. - 7 p.m. Pacific time, and Saturdays between 6 a.m. - 2:30 p.m. Pacific time.