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词条 Los Angeles County Employees Retirement Association
释义

  1. History

  2. Management

      Board of Retirement    Board of Investments 

  3. Benefits

     Health care benefits  Retirement plans 

  4. Finances

  5. Reciprocity

  6. See also

  7. References

{{Infobox Government agency
| agency_name = Los Angeles County Employees Retirement Association
LACERA
| seal =
| seal_width =
| seal_caption =
| formed = {{start date and age|1938|1|1|paren=yes}}[1]
| headquarters = 300 N. Lake Ave. Pasadena, CA
| employees =
| chief1_name = Lou Lazatin[2]
| chief1_position = Chief Executive Officer
| chief2_name = Jonathan Grabel
| chief2_position = Chief Investment Officer
| chief3_name = Beulah Auten
| chief3_position = Chief Financial Officer
| chief4_name = JJ Popowich[2]
| chief4_position = Asst. Executive Officer
| chief5_name = Robert Hill[2]
| chief5_position = Asst. Executive Officer
| child1_agency =
| website = {{url|lacera.com}}
| footnotes =
}}

The Los Angeles County Employees Retirement Association (LACERA) is an independent Los Angeles County agency that administers and manages the retirement fund for the County and outside Districts (Little Lake Cemetery District, Local Agency Formation Commission, Los Angeles County Office of Education, and South Coast Air Quality Management District).[3] In 2012, it managed defined benefit pension plans for 156,563 civil servants (members), including 56,752 retirees, making it the largest county retirement system in the United States.[4][5] In 2018, LACERA’s net assets were worth {{US$|55.8billion}}.[6]

History

LACERA was established on January 1, 1938, following passage of the County Employees Retirement Law of 1937 (CERL), which mandates LACERA to pay for the defined retirement benefits of Los Angeles County employees and their beneficiaries.[1][3] In 1971, LACERA began administering a retiree healthcare benefits program.[1]

Management

LACERA is governed by two Boards, each composed of 9 members:[1]

  • Board of Retirement - responsible for the overall management of the retirement system)
  • Board of Investments - responsible for establishing LACERA's investment policy and objectives, and exercising authority and control over the investment management of the Fund.

Day-to-day management and operation of LACERA is delegated to a Chief Executive Officer, who is appointed by both Boards.[1]

Board of Retirement

The Board of Retirement (BOR) administers the retirement system, the retiree healthcare program, and the review and processing of disability retirement applications.[7]

The Board of Retirement’s members are appointed as follows:[7]

  • Four members – appointed by the Los Angeles County Board of Supervisors
  • Two members – elected by general members
  • One member – elected by safety members
  • One member – elected by retired members
  • One member – the Los Angeles County Treasurer and Tax Collector, who serves as an ex officio members, as required by California law

The Board of Retirement meets at 9 a.m. on the first Wednesday of each month and the next Thursday of the following week.[7]

Board of Investments

The Board of Investments (BOI) establishes LACERA’s investment policy and objectives and exercises authority and control over the retirement fund’s investment management.[8]

The Board of Investments’ members are appointed as follows:[8]

  • Four members – appointed by the Los Angeles County Board of Supervisors
  • Two members – elected by general members
  • One member – elected by safety members
  • One member – elected by retired members
  • One member – the Los Angeles County Treasurer and Tax Collector, who serves as an ex-officio members, as required by California law

The Board of Investments meets at 9 a.m. on the second Wednesday of each month.[8]

Benefits

Health care benefits

LACERA provides health insurance plans for its retired members. LACERA covers 100% of healthcare premiums for Los Angeles County retirees who have at least 25 years of public service.[9] For members with 10 years of public service, LACERA contributes 40% of health care plan premiums, with an additional contribution of 4% for each additional year worked.[10]

Retirement plans

LACERA offers two tracks of retirement plans, for general members (civil servants) and for safety members (safety employees, including sheriff deputies and firefighters), further subdivided as follows:[11]

Plan Name Category Open Date Close Date Notes
Plan A General Members - August 31, 1977
Plan B General Members September 1, 1977 September 30, 1978
Plan C General Members October 1, 1978 May 31, 1979
Plan D General Members June 1, 1979 December 31, 2012
Plan E General Members January 4, 1982 November 27, 2012 Non-contributory plan
Plan G General Members January 1, 2013[12] - Established in response to the California Public Employees’ Pension Reform Act of 2013 (PEPRA)
Plan A Safety Members - August 31, 1977
Plan B Safety Members September 1, 1977 December 31, 2012
Plan C Safety Members January 1, 2013[13] - Established in response to PEPRA

Finances

As of June 30, 2012, LACERA’s net assets were worth {{US$|38.3 billion}}, a decrease of $1.1 billion, or 2.9%, from the prior year.[5] The latest actuarial valuation on June 30, 2011, determined that LACERA had a funded ratio of actuarial assets to the actuarial accrued liability of 80.6%.[5] For fiscal year (FY) 2011-12, LACERA's fiscal-year-to-date return on investments was 0.10%; the FY 2010-11 return was 20.40%.[14]

Over the past 15 years, each LACERA pensions has been funded as follows:[1]

  • 75% – funded by returns on investment income
  • 15% – funded with employer (County) contributions
  • 10% – funded by with employee member contributions

Reciprocity

LACERA has reciprocity with the other California public retirement systems, including:[15]

  • CalPERS (California Public Employees’ Retirement System)
  • STRS (State Teachers' Retirement System)
  • LA County Metropolitan Transportation Authority Retirement System
  • Los Angeles City Employees’ Retirement System
  • 19 CERL Counties (county retirement systems established County Employees Retirement Law)
  • City of Pasadena

LACERA also has reciprocity with other California public agencies and districts, cities, counties, school districts, superintendents of schools and others that are covered by CalPERS or have a reciprocal relationship with CalPERS.[15]

See also

  • Government of Los Angeles County
  • Los Angeles County Board of Supervisors

References

1. ^{{cite web |url= http://www.lacera.com/about_lacera/who_we_are.html |title= Who We Are |publisher= LACERA |accessdate=September 16, 2013}}
2. ^{{cite web |url= http://www.lacera.com/about_lacera/organizational_chart.html |title= Organizational Chart |publisher=LACERA |accessdate=September 16, 2013}}
3. ^{{cite web |url=http://www.lacera.com/investments/Annual_Report/introduction.html |title= 2012 CAFR: Introduction|year=2012 |website= |publisher=LACERA |accessdate=16 September 2013}}
4. ^{{cite web |url= http://ceo.lacounty.gov/PDF/portal/Fact%20Sheet.pdf |title= Los Angeles County is already a model example of pension reform|work= Chief Executive Office – Office of Public Affairs |publisher=County of Los Angeles |accessdate=September 16, 2013}}
5. ^{{cite web |url= http://www.lacera.com/investments/Annual_Report/pafr-2012/docs/pafr-2012.pdf |title=2012 Annual Report |last1=Rademacher |first1= Gregg |author2=Robert R. Hill |author3=JJ Popowich |year=2012 |website= |publisher=LACERA |accessdate=16 September 2013}}
6. ^{{cite web |url=http://www.lacera.com/investments/Annual_Report/cafr-2012/docs/cafr-2012.pdf |title=2012 Comprehensive Financial Annual Report |date=3 December 2012 |website= |publisher=LACERA |accessdate=16 September 2013}}
7. ^{{cite web |url=http://www.lacera.com/about_lacera/board_retirement.html|title=Board of Retirement |website= |publisher= LACERA|accessdate=16 September 2013}}
8. ^{{cite web |url=http://www.lacera.com/about_lacera/board_investments.html |title=Board of Investments |website= |publisher= LACERA|accessdate=16 September 2013}}
9. ^{{cite news |title=County starts fund for retirees |first=Susannah |last=Rosenblatt |url=http://articles.latimes.com/print/2007/oct/17/local/me-healthcosts17 |newspaper=Los Angeles Times |date=17 October 2007 |accessdate=16 September 2013}}
10. ^{{cite web |url=http://www.lacera.com/healthcare/faqs_healthcare.html |title=FAQs - Retiree Healthcare |website= |publisher=LACERA |accessdate=16 September 2013}}
11. ^{{cite web |url= http://www.lacera.com/benefits/PlanBookSection/main.html |title=Plan Book Section |website= |publisher=LACERA |accessdate=16 September 2013}}
12. ^{{cite web |url=http://www.lacera.com/benefits/PlanBookSection/g_planbook/index.html |title=Retirement Plan G - General Member |website= |publisher=LACERA |accessdate=16 September 2013}}
13. ^{{cite web |url=http://www.lacera.com/benefits/PlanBookSection/c_planbook/index.html |title=Safety Retirement Plan C |website= |publisher=LACERA |accessdate=16 September 2013}}
14. ^{{cite web |url=http://file.lacounty.gov/bc/q3_2012/cms1_182229.pdf |title=LACERA Investment Status Report for 2011-12 |date=8 August 2012 |work=Chief Executive Office |publisher=County of Los Angeles |accessdate=16 September 2013}}
15. ^{{cite web |url= http://www.lacera.com/benefits/Reciprocity/reciprocal_systems.html |title=Reciprocal Systems |work= |publisher=LACERA|accessdate=16 September 2013}}

4 : Public pension funds in the United States|Government agencies established in 1938|Government of Los Angeles County, California|Organizations based in Los Angeles

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