adjustment, determined annually by the Board of Trustees, is based on the lower of the increase in the Consumer Price Index or four percent per year. These increases are contingent upon the financial solvency of the system.
If a member leaves LAGERS covered employment before attaining early retirement age, but after completing five or more years of service, he becomes eligible for a deferred allowance; provided he lives to his early retirement age and does not withdraw his accumulated contributions, if applicable. Certain deferred members may be eligible for a limited lump-sum
payment. Any requirement age
deferred benefits will be reduced ½
paid of 1
prior to the member attaining his minimum percent for each month the retirant is younger
service than his
minimum service age requirement.
There are two categories of disability benefits:
Non-Duty Disability: A member with five or more years of credited service who becomes totally and permanently disabled from performing his job, from other than duty connected causes, is eligible for a non-duty disability benefit computed in the same manner as an age and service allowance, based upon length of service and salary to time of disability with no reduction for age.
Duty Disability: A member who becomes totally and permanently disabled from performing his job, from a duty related injury or disease, is eligible for a duty disability benefit computed in the same manner as an age and service allowance, but based upon the years of service the member would have completed had he continued in LAGERS covered employment to age sixty.
In the case of both non-duty and duty disability benefits, there is a limitation on total compensation from all sources received by a disability retirant of 100 percent of final average salary. Continuing medical examinations are required to confirm the disability once per year for the first five years and once every three years thereafter until reaching the minimum service retirement age.
There are two categories of survivor benefits:
Non-Duty Death: Upon the death of a member who had completed at least five years of credited service, his eligible surviving dependents receive the following benefits: 1.) the surviving spouse receives an allowance equal to the Option A allowance (joint and 75 percent survivor benefits) computed upon the deceased member’s service and salary to time of death. If the surviving spouse is less than age forty, the benefit is payable for no more than ten years; if over age forty, the