How to access support and financial relief if you’re impacted by the Los Angeles windstorm and fires
As the recent windstorm and fires continue to impact parts of our community, we want to take a moment to acknowledge the devastation and uncertainty many of our City of Los Angeles colleagues and Deferred Compensation Plan (DCP) participants may be facing. Our thoughts are with you, your loved ones, and your neighbors as you navigate these challenging times.
Your safety comes first
In moments like these, your safety and the well-being of those around you should be the top priority. We urge everyone in the affected areas to follow local authorities’ guidance, evacuate if necessary, and take every precaution to stay safe.
We’re here to support you
We understand that these fires may cause significant disruption, both physically and financially. If you need access to your DCP funds to help with recovery or meet urgent needs, know that we are here to assist you. The DCP offers resources like loans and “Unforeseeable Emergency” withdrawals for participants who may need financial relief during times of crisis.
Loan options and Unforeseeable Emergency Withdrawals
If you are facing an emergency due to the fires, you may be eligible for a loan or an Unforeseeable Emergency withdrawal. These options can provide the flexibility needed to address your immediate financial challenges.
Active Employees
Loans: Log into your account at LA457.com to view whether you are eligible to request a loan. Click on “Loans & Withdrawals” and select “Request a Loan.” You may also call the Service Center at 844-523-2457 for assistance.
You may have two outstanding loans from your account at any given time, up to the maximum dollar limits. The sum of your loan(s) cannot exceed 50% of your account balance or $50,000 (less the highest outstanding loan balance(s) over the last 12 months), whichever is less.
Payments are made via your payroll check and interest is paid back to your DCP account.
Withdrawals: Log into your account and go to “Loans & Withdrawals” and select “Request a Withdrawal.” You may also call the Service Center for assistance.
In-Service: If you are over age 59 ½, you are eligible to request an in-service distribution.
Unforeseeable Emergency: If none of these above options work for you, you may be eligible for an Unforeseeable Emergency withdrawal.
Retired or Terminated Employees
Withdrawals: If you are retired or terminated from the City, you are eligible to take a partial distribution, recurring distribution, or lump sum distribution. Log into your account at LA457.com or contact the Service Center at 844-523-2457.
Loans: You may also request a loan from your DCP account. For retirees and terminated employees, you must call 844-523-2457 to initiate your request.
To discuss your specific situation and learn more about how to access these funds, please contact the Service Center at 844-523-2457. Customer Service Associates are available Monday through Friday, 6:00 a.m. to 5:00 p.m., PT, except on New York Stock Exchange holidays to guide you through the process and ensure you have the support you need.
TIP: To help expedite the transfer of funds, ensure your banking information is up-to-date by logging in at LA457.com > Click on your name in the upper right corner > Personal Information > Scroll down to Banking Information > Add/Edit.
*Note, newly established or revised banking information will be available in seven days.
Resources for safety and recovery
In addition to financial assistance, we encourage you to explore the following resources for safety, evacuation assistance, and recovery support:
City and County of Los Angeles Emergency Management and LIVEwell resources
Relief and other resources
We know these are incredibly difficult circumstances, but please know that your DCP benefit is accessible to help you in times of need. We are committed to making this process as quick and easy as possible so that you can focus on what matters most: your safety and recovery.
Remember, our team is here to support you every step of the way. Please don’t hesitate to reach out to the Service Center at 844-523-2457 or make an appointment at LA457.com/contact-us for assistance with accessing your funds or for any questions regarding your DCP account.
Join a special Money Matters webinar:
Loans & Distributions
Wednesday, January 29, 2025 at 12:00pm PST
Learn more about the loan and distribution options available to active and retired DCP participants. Get your questions answered at this important session. Register below: