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To
All Members of the Retirement Plan
Dear Member:
We are pleased to
welcome you to membership in the Water and Power Employees' Retirement, Disability and
Death Benefit Insurance Plan. We are proud of our Plan and want to provide the highest
quality of service to you. The Retirement Plan Office staff is here to serve you; you are
invited to consult with us if you have questions which apply to you personally or if any
part of the Plan is unclear to you.
Once again, welcome!
Board of Administration
Over sixty-five years ago the
Los Angeles Department of Water and Power recognized the difficulty of saving enough money
to provide an income after retirement, to cover living costs if you are not able to work,
or to provide protection for survivors if you die.
As a consequence, on
October 1, 1938 the Department established the Water and Power Employees' Retirement,
Disability and Death Benefit Insurance Plan (The "Plan"). The Plan is designed
to provide financial security and help you prepare for your future through comprehensive
programs for pension income at retirement, payments during disability, death benefits for
beneficiaries, and continuance of benefits for eligible survivors.
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Recent Questions Regarding Pension Benefits
The Retirement
Office recently received inquiries from members regarding
the health of the Retirement Plan and the safety of their
retirement income. We want to assure you that your
retirement income is guaranteed for life under the City
Charter and by your pension plan, which has the full backing
of the Department of Water and Power. Although
the Retirement portfolio
will continue to change in value, fluctuations in the market
have no bearing on the Department’s obligation to pay your
retirement allowance, which is a solidly established legal
requirement.
It is important to note that the
pension plan portfolio is invested in various investments which
provide the needed diversification to manage risks and achieve our
long–term investment objectives. Further, the Retirement Plan
employs experienced investment professionals who carefully monitor
investment performance on an on-going basis and determine if changes
are needed to our investment strategy. |
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Although this document discusses
the Plan in some detail, if there are any conflicts, real or apparent, between this
document and the City Charter or the Plan, the terms of the Charter and the Plan will at
all times be the final authority. Therefore before relying on provisions described in this
document or taking any action which will affect your future welfare, you and your
beneficiaries are urged to consult the Retirement Plan Office for the specific terms of
the Plan in any situation. |
