File Number: 08-0900 (from City Council records)

Title: SHORT-TERM CHANGE TO RETIREMENT BENEFITS

Initiated by: Hahn Mover 2008 / LaBonge

Motion - That Council instruct the City Administrative Officer to report to Council within 30 days on the feasibility of implementing a short-term change to retirement benefits by enabling members of the Los Angeles City Employees Retirement System who are at least 50 years of age with 30 years of service to retire with unreduced retirement benefits. The report should include an evaluation of the 50/30 Window program in 1999; the number of employees who could potentially qualify for the new 50/30 Window program; features of the program that would ensure cost benefit to the General Fund (e.g. not backfilling the vacated positions); fiscal impact to the General Fund (e.g. payout of accrued sick leave and vacation benefits) and to LACERS as a result of the early retirements; the process for implementation (e.g. negotiations with the labor organizations); and an estimate of the time frame for implementation.

Date Received: 04/11/2008