[3] In 2012, it managed defined benefit pension plans for 156,563 civil servants (members), including 56,752 retirees, making it the largest county retirement system in the United States.
[6] LACERA was established on January 1, 1938, following passage of the County Employees Retirement Law of 1937 (CERL), which mandates LACERA to pay for the defined retirement benefits of Los Angeles County employees and their beneficiaries.
LACERA covers 100% of healthcare premiums for Los Angeles County retirees who have at least 25 years of public service.
[10] LACERA offers two tracks of retirement plans, for general members (civil servants) and for safety members (safety employees, including sheriff deputies and firefighters), further subdivided as follows:[11] As of June 30, 2012, LACERA's net assets were worth US$38.3 billion, a decrease of $1.1 billion, or 2.9%, from the prior year.
[14] Over the past 15 years, each LACERA pensions has been funded as follows:[1] LACERA has reciprocity with the other California public retirement systems, including:[15] LACERA also has reciprocity with other California public agencies and districts, cities, counties, school districts, superintendents of schools and others that are covered by CalPERS or have a reciprocal relationship with CalPERS.