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.
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Likewise, does LA County offer 401K?
The County of Los Angeles offers one contributory retirement plan. DEFERRED COMPENSATION: … 401K deferred compensation plan with 4% County matching contribution is offered as an additional supplement to the Horizons 457(b) to retirement benefits for all non-represented employees.
Consequently, what kind of pension is lacera?
DEFINED BENEFIT PLAN
In this manner, is lacera a 401K?
The funds in your defined benefit retirement plan are invested by LACERA. … This differs from a defined contribution plan such as a 457 or 401(k) plan, in which you make the investment decisions and bear the associated risks. In those types of plans, your benefit payments stop when the money is exhausted.
Can I borrow from my lacera retirement?
5. Q: Can I borrow money from my LACERA retirement plan? A: No. Your LACERA retirement plan is a defined benefit plan which stipulates that funds are not available to members during active service.
The Employee Discount Program offers discounts to LA County employees for theme parks, sporting events, entertainment, dining, and various other activities throughout the County.
The Horizon 401(k) Plan is an individual account-based plan designed to help you save for retirement. This means you can make contributions as a percentage of your compensation through payroll deduction or in flat-dollar amounts up to Internal Revenue Code limits.
Defined Contribution Retirement Plans – The County offers three supplemental retirement plans. … The two voluntary supplemental retirement plans are: Deferred Compensation & Thrift Plan (Horizons, 457 plan) for all full-time permanent employees. Savings Plan (401k) for full-time permanent, non-represented employees.
The primary sources that finance the promised benefits LACERA provides are investment income and the collection of member (employee) and plan sponsors (employers) retirement contributions. For fiscal year 2020, Total Additions amounted to $3.9 billion, achieved through investment returns and retirement contributions.
Los Angeles County Employees Retirement Association