For Retired Members:
The LACERS Board of Administration has approved the maximum allowable Cost-of-Living Adjustment (COLA) for eligible LACERS Retired Members and Beneficiaries at 3.0 percent for Tier 1 and Tier 1 Enhanced Members and 2.0 percent for Tier 3 Members. Tier 1 and Tier 1 Enhanced Members are City employees who became LACERS Members on or before Feb. 20, 2016. Tier 3 Members are City employees who became LACERS Members on or after Feb. 21, 2016.
The COLA is based on the Consumer Price Index (CPI) for the Los Angeles area, which has been determined to be 3.5 percent for 2024. The maximum COLA is set by the City of Los Angeles Administrative Code at 3.0 percent for Tier 1 and Tier 1 Enhanced Members and is set at 2.0 percent for Tier 3 Members. Tier 1 Retirees who have been retired for a full year or more will receive a 3.0 percent increase. The remaining .5 percent will be banked and applied in the future when the COLA is less than 3.0 percent. According to LAAC § 4.1080.17, the Tier 3 COLA benefit is capped at 2.0 percent, and there is no banked benefit. Therefore, Tier 3 retirees will receive a COLA of 2.0 percent.
All Tier 1 and Tier 1 Enhanced Members who retired after June 30, 2023, will receive a COLA of 1/12th of the 3.0 percent for each full month of retirement completed by June 30, 2024. Similarly, all Tier 3 Members who retired after June 30, 2023, will receive a COLA of 1/12th of the 2.0 percent for each full month completed by June 30, 2024. The COLA will be included in all eligible Retired Members’ and Beneficiaries’ July 31, 2024, check or direct deposit. •
Celebrating Older Americans Month
Did you know that May is Older Americans Month? The Administration for Community Living spearheads the celebration each year with programming to mark the strength, resilience and unique life journeys of older Americans. As seen through the turbulence we’ve all experienced together during these past few years, connecting with others in our community is important. To highlight community connectedness, the theme this year is “Powered by Connection.” Celebrate Older Americans month and explore ways to get and stay socially connected. For more information, visit acl.gov/oam.•
