Do Not Report to Work on Your Retirement Date
Congratulations! You are officially retired.
Receive Your First Allowance Payment
Your retirement allowance from LACERA will be paid monthly on the last business day of the month.
You can download our current Payday Calendar or order a printed copy.
Provided your department posts your termination date timely, you will usually receive your first allowance payment by direct deposit at the end of the month following the month you retire (for example, if you retire any time in March, you will receive your first check on the last business day in April).
Your first payment is usually larger than subsequent payments because it includes a retroactive payment for any days remaining in the month after the date you retired. (For example, if you retire on March 27, your first payment will include five days in March as well as the entire month of April).
LACERA is mindful of getting retirees their payments in a timely manner. However, if there is a banking issue such as a wrong routing or account number, your first payment may be by mailed check and could take up to an extra week for postal delivery (one of many reasons why it is important to always keep your address updated with LACERA).
If Not Signed Up, Enroll in LACERA-Administered Healthcare
You must enroll in a LACERA-administered health plan within 60 days of your retirement date or the date that your name appears on the Board of Retirement agenda, whichever is later, or be subject to late enrollment rules.
Close Out Service Purchase and Plan Transfer Contracts
If you have incomplete contracts for previous service purchases or a plan transfer, you will need to pay off your contract within 120 days of your retirement date.
When LACERA processes your retirement, we send you a balance of contract letter, generally within 30 days after your retirement date, providing you with the options you have to pay or complete the contract. Why do we wait? Most members enter into before-tax contracts that cannot be altered or paid off before the targeted end date—unless a member retires early. These contract restrictions exist to comply with IRS regulations.
Submit Your Social Security Benefit Statement
For Plan E members subject to the Windfall Elimination Provision: You must provide the Social Security statement verifying your reduced benefit amount to LACERA within six months of your retirement date.
Check in With Empower
After you retire, you may want to consolidate your 457(b) and 401(k) accounts to save on administrative fees. You can contact Empower at 800-947-0845 for more information.