This Month's Meetings:
11/06/2019 (Ad Hoc Committee Meeting)
11/13/2019 (Regular Meeting)
11/27/2019 (Regular Meeting)
Retirement Date: 01/01/2020 Last Day To Apply: 12/02/2019 Last Day To Withdraw: 12/24/2019
(Last day to withdraw for 12/01/2019 retirement is 11/22/2019.)
2019 Summary Annual Report
Funded Ratio (Actuarial Value): 92.23% Funded Ratio (Market Value): 94.03% Investment Returns (Gross of Fees): 6.59%* Investment Returns (Net of Fees): 6.36%* Assets (Retirement Fund): $12.9 billion* Membership: 19,677
Appointed Retired Member Applications are being accepted for a retiree representative ... details
Assumption Changes The Retirement Board has adopted new assumptions affecting the interest rate and mortality tables ... details
Update Your Beneficiary Designation
It is important to keep your Beneficiary Designation form updated with the Water and Power Employees' Retirement Plan.
The CPI increase was 3.8% for the one year period ended December 31, 2018. Therefore, all eligible participants of Tier 1 shall receive a 3.0% COLA and Tier 2 shall receive a 2.0% COLA with their July allowance (payable August 1, 2019).
Retirement Plan Office Updates
Select "Read More" link at the bottom to see the Retirement Office Updates for December 19, 2018
On February 28, 2018, the Board of Administration (Retirement Board) of the Water and Power Employees’ Retirement Plan (Plan) adopted several resolutions amending the Plan.
Nevada Policy Research Center (aka Transparent CA) Misleads on DWP Pension Recipient and Pension System
The Plan recently received a California Public Records Act request for Water & Power Employees’ Retirement Plan compensation data from the organization Transparent California for calendar year 2016. As a public entity, we are required by law to make the information available. This information includes retiree benefit payments and does not include amounts payable for Additional Annuities.
The full Plan document is currently unavailable online, while it is being updated to include recent Plan amendments. For general information on Plan provisions, please consult the Summary Plan Descriptions for Tier 1 and Tier 2. For additional questions about the contents of the full Plan document, please contact the Retirement Plan Office.
Click on the link below to access the Ebenefits website. The website includes the following:
Persons receiving monthly pensions, including retired members of the Water and Power Employees’ Retirement Plan, may be targeted by salespersons offering immediate cash in exchange for rights to future retirement or disability retirement payments.
2015 National Retirement Security
On December 11, 2013, the Retirement Board took the last action required to adopt a Plan amendment suspending the Reciprocity program with LACERS and creating a new tier of pension benefits for new hires.
This is to let you know, the Retirement Plan Office is aware of the discrepancy in the YTD fields reflected on your checks. We are in the process of having this fixed. We expect to have the YTD fields adjusted for your July check (payable August 1).
Effective April 2011, Regular and Additional Contributions of members of the Retirement Plan will be credited at 7.75% interest rate instead of the previous 8%. The change in the interest rate is in accordance with a Plan amendment which was needed to reflect the projected future earnings of the Retirement Fund’s investment portfolio.
The 2009 Retired Employees' Association Holiday Party is scheduled for Saturday, December 5, 2009. Seating is limited to those people who have sent in their checks by November 21, 2009.
Effective September 2009, the Retirement Board meetings will be held on the second and fourth Wednesday of each month per Board Resolution Number 10-18 adopted August 19, 2009.
The retirement allowance you received dated April 1, 2009 was based on the new tax withholding tables established by the U.S. Department of the Treasury. The new tables reduced the amount of income tax withheld and, as a result, many retirees received a higher net allowance than the previous month. The reduction in withholdings is part of the Making Work Pay credit and other tax changes resulting from the American Recovery and Reinvestment Act of 2009.
The Water and Power Employees’ Retirement Plan (WPERP) recently underwent a management audit. This audit was completed in accordance with City Charter Section 1112 which requires that the City of Los Angeles conduct a management audit of each of the City’s three pension and retirement systems every five years. The required audit examines whether the pension or retirement system is operating in the most efficient and economical manner and evaluates the asset allocation of the system.
(800) 367-7164 or (213) 367-1692
Employees Retirement Plan Room 357 Department of Water & Power PO Box 51111 Los Angeles, CA 90099-5520
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