One of the benefits of saving with the Deferred Compensation Plan (DCP) is your option to use those funds to buy back service credit toward your pension plan with LACERS, LAFPP, or WPERP. Purchasing service credit is one way to increase your future retirement income. You may be able to purchase service credit for the following:
Government Service
Full-time employment with other governmental entities (military service and other municipalities)
Uncompensated maternity leave from the City
Public Service Buybacks
Approved leaves without pay from the City
Service Credit lost due to a Divorce or Dissolution of Domestic Partnership
Back Contributions
Part-time or temporary City employment when not a member of one of the three City Retirement Systems.
Workers' Compensation temporary disability time
Re-deposits
Re-depositing previously withdrawn contributions after returning to City employment
How do you Purchase Service Credit?
Your first step is to contact LACERS, WPERP or LAFPP to confirm you are eligible to Purchase Service Credit and to receive a quote for the time you’d like to buyback.
Contact LACERS: 800-779-8328, TTY 888-349-3996, lacers.services@lacers.org
Contact LAFPP: 213-279-3140, TTY 213-628-7713, send email
Contact WPERP: 800-367-7164 or 213-367-1692, Retire@ladwp.com
If you previously worked for the City in a part-time capacity, including academy and drill tower time, your retirement savings were contributed to the Pension Savings Plan (PSP). The provider for PSP is MissionSquare, 800-669-7400, and they can provide your account balance.
Once you become eligible for the Deferred Compensation Plan, you can transfer your PSP funds to your DCP account and either hold onto those savings for retirement, or use them to purchase service credit. To transfer PSP funds to your DCP account, contact the City Hall Service Center at 213-978-1601 or send an email to LA457@lacity.org.
You also have the option of rolling over before-tax monies from prior employer retirement plans like 401(k), 403b, 401a or before-tax IRAs into the DCP and then using those funds to purchase service credit. You are not required to pay back the funds you use for purchase service credits.