Los Angeles California Retirement Benefits Plan, also known as the Los Angeles Retirement System, is a comprehensive retirement program designed for employees of the City of Los Angeles. This plan offers various benefits and services to ensure a financially secure retirement for eligible individuals. The Los Angeles California Retirement Benefits Plan provides retirement options for both civilian and sworn employees. It consists of different types of plans and tier structures that cater to the specific needs of different groups of employees. These may include: 1. Los Angeles City Employees' Retirement System (LAYERS): LAYERS is the primary retirement plan for civilian employees of the City of Los Angeles. It offers defined benefit pension plans, which provide a predetermined monthly retirement benefit based on factors such as years of service, salary history, and age at retirement. 2. Los Angeles Fire and Police Pensions (LAPP): LAPP is dedicated to providing retirement benefits to sworn members of the Los Angeles Fire and Police Departments. It offers a tier system with different benefit formulas and retirement eligibility criteria based on the date of entry into service. 3. Deferred Compensation Plans: In addition to the main retirement plans, the City of Los Angeles also offers deferred compensation plans such as the 457(b) and 401(k) plans. These plans allow employees to contribute a portion of their pre-tax income towards retirement investments, providing tax advantages while accumulating savings for their retirement years. 4. Optional Benefit Programs: The Los Angeles Retirement System may also offer optional benefit programs that members can choose to enhance their retirement savings. These programs may include supplemental retirement plans, cost-of-living adjustments, and health benefits continuation options. The Los Angeles California Retirement Benefits Plan aims to ensure financial stability for retired employees by offering secure and comprehensive retirement benefits. Members can access various services, such as retirement counseling, to help them plan for a comfortable post-employment life. The plan focuses on long-term sustainability, ensuring that funds are managed prudently and investments are made to meet future obligations. Overall, the Los Angeles California Retirement Benefits Plan provides a range of retirement options tailored to meet the unique needs of different categories of employees in the City of Los Angeles. Through its various retirement plans and additional benefits, it aims to support employees in achieving a secure and fulfilling retirement.
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