Verify the Status of Your Pension Savings Plan Contributions
If you were in the Drill Tower or Police Academy training in 1994 to the present, you made mandatory contributions to the City’s Pension Savings Plan for part-time, seasonal and temporary employees. The Pension Savings Plan is a 457 Plan administered by the City’s Personnel Department, which is separate from the LAFPP System.
Participation in this Plan is mandatory for those employees who are not eligible to participate in one of the City’s three retirement/pension programs. Upon your graduation, you became a member of the LAFPP System.
Most members are unaware that they may have a balance in the Pension Savings Plan after graduating and becoming full-time employees. Once you convert to full-time status, the contributions (made by both the employee and the City) to the Pension Savings Plan cease. Thereafter, you may elect one of two options regarding the balance:
- Enroll in the City’s Deferred Compensation Plan (457 plan) to continue contributing to a tax-deferred plan and transfer all the money from your Pension Savings Plan account to the Deferred Compensation Plan, or
- Leave the funds in your Pension Savings Plan account until you separate from City service. The funds earn an interest-bearing rate at about 2% per year.
Participants who have account balances in the Pension Savings Plan but have terminated City employment may take distribution of their account at any time.
For additional information on the Pension Savings Plan, please contact the Personnel Department, Deferred Compensation at (213) 978-1601.