Questions and Answers
  on the Early Retirement
    Incentive Program

Can't find your answers here? Email info@lacitycoalition.com

If you have a question about LACERS and retirement not specific to ERIP (or to calculate your retirement), go to www.lacers.org

Q. What is a “full” or “unreduced” retirement?

A. LACERS members can retire with no penalty when they are at least 55 years old and have 30 years of service credit OR when they are at least 60 years old with at least 10 years of service credit, OR at any time when they are at least 70 years old. In shorthand, we can refer to these categories as 55/30, 60/10, and 70+.

Under LACERS rules, members who retire but don’t meet any of those thresholds face a penalty in the form of a reduced retirement.

Q. What does it mean that members not yet eligible for full retirement could receive up to 5 years age and/or service credit by retiring under ERIP?

A. It means any combination of age credit + service credit that totals up to 5. So it could mean 3 years of age credit and 2 years of service credit. Or 5 years age credit with no service credit. Or 5 years service credit with no age credit. Or any other combination adding to 5 or less.

Q. How do I know how many years of credit I get?

A. If you are not yet eligible, but within 5 years credit (some combination of age and service credit totaling up to 5, as described above) of a full retirement, you qualify. You will receive that combination of credit (totaling up to 5 years), which you need to reach a full retirement. You will also receive $15,000 cash incentive.

Q. When does the minimum of 3 years credit come into play?

A. If you are within 3 years total of age and service credit, you will receive 3 years of credit. Any excess will be added to your service credit, increasing your retirement amount.