Retirement Option 1

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Retirement Option 1 is a benefit under which you receive a slightly reduced Unmodified retirement allowance during your lifetime with the balance of your contributions paid in a lump sum to your beneficiary or estate if you die before receiving all the contributions you paid into the fund.

Option 1 may be advantageous if you do not have a spouse, domestic partner, or minor child who is eligible to receive a continuing allowance.

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Highlights

Eligible BeneficiariesPlan A, B, C, D or G Survivor BenefitPlan E Survivor BenefitChange Beneficiary After Retirement
Member’s estate or any named beneficiary with an insurable interestLump-sum paymentNot availableFull flexibility to change beneficiary at any time


To estimate your monthly allowance amount under the different options, log in to My LACERA to use the retirement benefit estimate calculator.

Eligible Beneficiaries

Under Retirement Option 1, you may name your estate or any named beneficiary with an insurable interest.

Changing Your Beneficiary After Retirement

Beneficiary of the Lump-Sum Contribution Balance

Only Option 1 allows full flexibility to change your beneficiary designation after you retire. The age of your beneficiary is not considered when calculating your allowance. If your beneficiary dies before you, the reduction to your retirement allowance remains in effect for you, but you may name another beneficiary to receive the Option 1 lump-sum payment.

Beneficiary of the Lump-Sum Death/Burial Benefit

All LACERA retirees are entitled to designate someone to receive a one-time, $5,000 lump-sum death/burial benefit. This benefit is flexible, and you may change the named beneficiary after retirement.

Option 1 Pension Advance Option

This option is a combination of Option 1 and the Unmodified Pension Advance Option. It will pay you a slightly reduced benefit during your lifetime. If you die before you receive the contributions you paid into the fund, your beneficiaries or estate receive a lump sum.

You will receive a higher LACERA benefit prior to the age of 62, then less money after you turn 62 when you are eligible to receive your Social Security benefit.

This Option is not available to Plan E members.

Eligibility Requirements

  • Service retirement prior to age 62
  • Member of contributory plan
  • Submit a Social Security statement of benefits
  • Elect of one of the following:
    • Unmodified Option
    • Option 1

Retiree and Survivor Healthcare

All LACERA retirees are eligible to enroll in a LACERA-administered retiree healthcare plan. Survivor healthcare is not available under Option 1, because only a survivor or beneficiary who is receiving a continuing monthly benefit from LACERA and who qualifies as a surviving eligible dependent, as defined by LACERA’s Retiree Healthcare Administrative Guidelines, is eligible to enroll in LACERA- administered healthcare coverage.

Next Steps

If you are ready to start the retirement process, call LACERA at 800-786-6464 or schedule an appointment to speak with a Retirement Benefits Specialist.

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