Early Retirement_EAA

SIP Update from LACERS: Enrollment Reopens

SECOND CHANCE TO PARTICIPATE IN THE CITY SIP

Last week the Los Angeles City Council voted to remove the minimum threshold of 1,300 participants and approve the Separation Incentive Program (SIP) with 1277 participants. They also established an additional SIP enrollment period for those that qualify to apply. The CAO will reopen enrollment into the SIP to eligible employees for a two week period beginning September 8, 2020 at 9 a.m. and ending on September 22, 2020 at 3 p.m.

Applications must be submitted to the Office of the CAO only. For more information on the new SIP application process and/or how to apply, visit the CAO’s website at http://cao.lacity.org/SIP.

LACERS TO SUSPEND RETIREMENT PROCESSING FOR ALL NON-SIP PARTICIPANTS FROM NOV. 1 – JAN. 31

In order to facilitate the initial processing of SIP retirements in a timely fashion, LACERS will not accept or process any non-SIP retirement applications during the three-month SIP period from November 1, 2020, through January 31, 2021, as proscribed by ordinance. This includes any person applying for normal, early or deferred retirement and those eligible to retire with Reciprocity.

Additionally, any non-SIP retirement applications previously submitted that are still pending at the beginning of the SIP period will be held in abeyance and processed after February 1, 2021. If you were planning to retire during this time period but are not planning to participate in the SIP program, you may still apply for retirement provided you:

  • Select a retirement date no later than October 31, 2020;
  • File within 30 to 60 days of your retirement date; and
  • Submit all required retirement application paperwork and documents before October 31, 2020.

Disability Retirements will continue to be processed and are not affected by the SIP period.

Click here to read the full abeyance ordinance.

JOIN US FOR A QUESTION AND ANSWER SESSION ON 9/15/2020 – hyperlink to the events page – INCORPORATE INFO BELOW INTO EVENTS PAGE – OR KEEP IT AS  PART OF NEWS STORY IF YOU THINK BETTER IN BOTH PLACES.

We know that you may have questions and we want to make sure you receive the answers you need in order to make an informed decision regarding your retirement plans., so join us on Zoom on Tuesday, Sept. 15 at 5:30 pm.

To register, log onto your MyLACERS member account or call the main office at (800) 779-8328 and a staff member will assist you.

Share this post

Share on twitter
Share on facebook
Share on linkedin
Share on print
Share on email

RELATED POSTS