Common Contracts
1 similar Letter of Agreement contracts
LOS ANGELES CITY UNIONS REPRESENTING ALL LACERS MEMBERS EARLY RETIREMENT INCENTIVE PROGRAM FUNDING GUARANTEELetter of Agreement • June 29th, 2009
The City of Los Angeles and the Los Angeles City Unions that represent all LACERS members (Unions) have partnered to develop an Early Retirement Incentive Program (ERIP). The ERIP program is designed to separate as quickly as possible 2,400 employees from City service, thereby creating a first year salary savings estimated to be $126,000,000. The ERIP represents a long-term obligation of the City of Los Angeles, and the Unions have agreed to contribute toward the reduction of that obligation. After employees retire through the program, the LACERS' actuary will determine the actual cost of the ERIP, which will form the basis for the calculation of the Union's contribution to funding the ERIP. The Unions agree as follows:
