March 30, 2020
Due to the COVID-19 event, the Retirement Plan’s office location will be closed until further notice. During the office closure, staff will continue to work remotely. In this period, the best way for us to provide assistance will be by sending an email to Retire@ladwp.com ... details
07/08/2020 (Regular Meeting)
07/22/2020 (Regular Meeting)
Retirement Date: 09/01/2020 Last Day To Apply: 07/31/2020 Last Day To Withdraw: 08/25/2020
(Last day to withdraw for 08/01/2020 retirement is 07/24/2020.)
Consistent with the General Manager’s directive to reduce employees reporting to their LADWP work location, the Retirement Plan Office will revert to the below interim process to assist members with his or her retirement . . . . . details
The CPI increase was 3.1% for the one year period ended December 31, 2019. 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 . . . details
Going forward, the Retirement Application and Withdrawal Process will revert to the original process as outlined in the Retirement Application and Withdrawal Forms...
LADWP is not offering a Separation Incentive Program, as you may have heard from other City Departments. It is important that you remember that the mortality tables are changing on July 1, 2020. To retire effective June 1, 2020 . . . details
In response to the COVID-19 pandemic, the Retirement Plan Office has implemented the below interim process to assist members with his or her retirement application and withdrawal request: 1) A member wishing to apply to retire may print out . . . ... details
REMINDER: New Tables EffectiveJuly 1, 2020The mortality tables will change effective July 1, 2020.
Retirement Information System (RIS) Estimator
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
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.
Employees Retirement Plan Room 357 Department of Water & Power PO Box 51111 Los Angeles, CA 90099-5520
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