RLACEI Board Action Update
RLACEI Board President Ruth Perry; and Directors Lucy Artinian, Nancy Hammoudian and Leonard Torres attended the City Council’s EERC (Executive Employee Relations Committee) meeting Feb. 2 to appeal and provide public comments in support of the 2.6 percent discretionary COLA (Cost of Living Adjustment) and the IRMAA (Income-Related Monthly Adjusted Amount), both of which financially impact many of our Retirees.
Unfortunately, neither the discretionary COLA nor the IRMAA motions were advanced to City Council for vote.
Even after RLACEI’s public comments, CAO Matt Szabo informed Mayor Karen Bass and the Councilmembers present that the 2.6 percent COLA to Retirees would cost the City $32.4 million and compound each year forever, and it cannot be afforded due to the City’s current financial state. He further stated that of the 22,000 current Retirees, only about 1,800 could potentially be impacted by IRMAAs. Unfortunately, no further discussion or questions were pursued by the members of the EERC.
The mayor acknowledged the appeal and called for a motion and a second. It was unanimously voted to receive and file with no action.
We thank all the RLACEI members and Retirees who submitted public comments on both matters. We assure you that with your continued support RLACEI will always advocate and bring to light issues that are important to and impact LACERS Retirees and RLACEI members.
