ERIP Halftime Report: THE LIST

The average pension city workers are getting under the Early
Retirement Incentive Program is $51,887 but the figure will go even
higher when the five years’ extra credit is calculated for those who
retired between June and December.

Under a California Public
Records Act filed by OurLA.org, LACERS officials released the full list
of 1159 workers those who retired through the end of February.

The smallest pension is for $111
a month or $1,336 a year for a part-time crossing guard. The biggest is
for $14,662 a month or $175,948 a year for a deputy city engineer.

Both
of them retired before the final deadline for requesting ERIP on Dec.
15 so their pensions do not yet reflect 5 years’ extra service credit
that could add more then 12 percent to their retirement checks. The same
is true for more than 300 workers who were “grandfathered” into ERIP
before the deadline.

LACERS officials have crossed the halfway point in processing 2,400
city employees off the general fund payroll under the Early Retirement
Incentive Program.

More than 1,500 city workers eligible for ERIP
have retired in the last nine months compared to the 500 LACERS
normally handles in a year.

The list made available is complete
through February and more than 350 were processed in March. Figures for
their pensions will be made available later.

Among the 1,159 on
the list, 44 are getting pensions of more than $100,000 and 36 less than
$20,000.

The eligibility for ERIP benefits potentially
“Grandfathered Participants” will be clarified soon and retroactive
benefit calculations will occur in a few months.

Here is the
list complete through the end of February:

Class/Title                                                   Retire Date          Monthly             Annual