Resources for County Employees > Financial Wellbeing
Emergency financial support options are available through the County’s benefits programs, which can provide an additional safety net to address impacted employees’ immediate and long-term needs. These options are described below.
Emergency Withdrawal – Deferred Compensation and Savings Plans
Participants in the County’s Deferred Compensation and Thrift Plan (Horizons) and/or 401(k) Savings Plan who are facing a financial hardship may request an emergency withdrawal through Empower to access funds typically not available in their retirement savings accounts. Such withdrawals are permitted only in instances of an “unforeseeable emergency.” In general, an unforeseeable emergency is a severe financial hardship that results from situations such as:
- An illness or accident affecting the employee, their spouse, their dependent(s), or their primary beneficiary(ies).
- Uninsured loss of or damage to their property due to a casualty.
- Other similar extraordinary and unforeseeable circumstances that result from events beyond their control.
Note: Employees experiencing hardship due to the 2025 wildfires may qualify for emergency withdrawals under category #3 above.
Empower, the County’s supplemental retirement plan provider, has already begun communicating the emergency withdrawal request process via emails to plan participants and through pop-up notifications on the retirement benefits webpage, www.countyla.com. An informational flyer for employees is available here.
Employees may request an unforeseeable emergency withdrawal directly through the following steps:
- Visit countyla.com, log in to their account, and click Account->Withdrawals.
- To expedite a withdrawal from their account, add and/or verify their banking information: Click Account -> Overview, then click Manage bank accounts.
- Call Empower at (800) 947-0845 for more information on how they can help or say “request a withdrawal” to speak to a live representative. Empower representatives are available Monday through Friday from 5 a.m. – 7 p.m. PT, Saturday from 6 a.m. – 2:30 p.m. PT, and the automated system is available 24/7.
It is recommended that employees utilize this option only in extreme need, as they will be responsible for any income tax and penalties assessed by the IRS and state tax authorities. Interested employees are advised to consult with their personal tax or legal advisor before taking action.
- Horizons and Savings Plan Loan(s)
Active County employees may request to receive a maximum of two loans at any one time from their Horizons and/or Savings Plan. In no case can the total of all loans exceed $50,000. Individuals must be an active County employee and have a Horizons or Savings Plan account balance of at least $2,500 to qualify for the loan option from that account.
General Purpose Loan
- General Purpose Loans may be taken for any reason and no documentation is required.
- Employees must pay the loan back through payroll deductions in one to five years.
- The interest rate is set at 1% over the prime rate published in the Wall Street Journal on the last business day of the month before the loan is originated. Rates are fixed for the duration of the loan.
Principal Residence Loan
- Principal Residence Loans may be taken to purchase their primary residence only.
- Principal Residence Loans may be paid back over the course of 15 years.
- Documentation is required for this type of loan.
- The interest rate is equal to the Freddie Mac 30-year fixed rate published in the Wall Street Journal on the last business day of the month before the loan is originated and is fixed for the duration of the loan.
Employees may contact EDL-DHR_DeferredIncomeUnit@hr.lacounty.gov or Empower’s Service Center at (800) 947-0845 with questions about the deferred compensation emergency withdrawal and loan programs.
