What is LA County pension plan?

The County of Los Angeles Pension Savings Plan is a retirement and investment plan for part-time, temporary and seasonal employees of the County and Los Angeles Superior Courts who are not eligible to participate in the retirement programs provided through the Los Angeles County Employees Retirement Association (LACERA …

Do LA County employees get pension?

Robust Retirement Packages The County offers a number of deferred compensation plans for full-, part-time and seasonal employees. The plans provide a great way to save for retirement and supplement the defined benefit pension available to full-time employees.

How does LACERA retirement work?

Your retirement allowance is based on a percentage of your final compensation, and age is one of the factors used to determine that percentage. Between the ages of 50 and 65, the percentage increases with each quarter-year of age you attain. *In Plan A, there is no additional age benefit after age 62.

Does LA County match 401k?

To support your efforts to save for retirement, the County will match your contributions dollar-for-dollar up to 4% of your monthly “compensation” as defined in the Plan. To receive the entire match, you must contribute a dollar amount equivalent to at least 4% of your monthly compensation to the Plan.

Are LA County pensions taxable?

The balance of each pension payment will be taxable as ordinary income in the year received.

Do LA County Employees pay Social Security?

It should be noted that County employees do not pay into Social Security, but do pay the Medical Hospital Insurance Tax portion of Social Security at a rate of 1.45%. The Los Angeles County Employees Retirement Association (LACERA) has reciprocal agreements with several public retirement systems in California.

Is it good to work for LA County?

There is a great structure in place to give a nice work/life balance. Holidays and time off are key. The company is massive but county wide events help to keep departments communicating with each other. It is fairly easy to transfer if you find that one particular spot is not a good fit.

Do LA County employees get paid family leave?

The County of Los Angeles provides leaves to protect eligible employees that experience medical problems themselves or within their families. These unpaid leaves include: the Family Medical Leave Act (FMLA), California Family Rights Act (CFRA), and Pregnancy Disability Leave (PDL).

Is LACERA pension a lifetime benefit?

Features of your LACERA retirement plan are outlined below and contrasted with those of defined contribution plans. Your retirement allowance is a lifetime allowance; it will be paid to you every month for the rest of your life. Benefit payments run out when money is exhausted.

Can I borrow from my LACERA retirement?

Pre-Retirement Withdrawal of Contributions If you are part of a contributory plan, you may withdraw your accumulated contributions from LACERA at any time (unless you return to County service or become employed in a reciprocal retirement system within six months).

How often do LA County employees get paid?

MONTHLY TO SEMI-MONTHLY PAY Currently, most County employees are paid regular earnings on a monthly basis, on the 15th of every month, and are provided a pay advance on the 30th of every month.

What is MegaFlex LA County?

As a County of Los Angeles (County) MegaFlex participant, you are covered by the Short-Term Disability (STD) Plan that provides you with an Income Replacement benefit if you are unable to work because of an industrial or non- industrial illness, injury, or if you become pregnant.