The Los Angeles County Employees Retirement Association, headquartered at 300 N. Lake Ave. in Pasadena, called a special joint meeting of its Board of Retirement and Board of Investments for 9 a.m. February 4. The sole action item: consider Lugo’s appointment and employment agreement.
Lugo has led LACERA as acting CEO since March 17, 2025, stepping in when his predecessor took medical leave. That predecessor, Santos H. Kreimann, resigned effective December 31, 2025. If appointed Wednesday, Lugo would formally take charge of an organization that manages more than $85 billion in pension assets and provides retirement and healthcare benefits to more than 200,000 active and retired Los Angeles County employees.
The proposed $490,000 salary represents a 9 percent increase from the $450,000 Lugo received as acting chief. The previous CEO earned $593,659.
Before joining LACERA in July 2021 as deputy CEO, Lugo served as chief operations officer for the Minnesota Public Employees Retirement Association, that state’s largest public pension system. He also held leadership positions at the Social Security Administration. He holds an MBA from Hamline University and a finance degree from the University of Minnesota Duluth.
Under the proposed employment agreement, the CEO position would be at-will with no fixed term. The agreement requires full-time, in-office work with remote work limited to two days per week. If terminated without cause, Lugo would receive six months of salary and benefits as severance.
The recommendation comes from Board of Retirement Chair James P. Harris and Board of Investments Chair Shawn R. Kehoe.
When Kreimann’s departure was announced in January, Board of Investments Chair Jason Green issued a statement expressing confidence in Lugo. “Santos leaves LACERA stronger, more modern, and better prepared for the future,” Green said. “We are grateful for his leadership and are confident in the continuity provided by Acting CEO Luis Lugo.”
Wednesday’s meeting is open to the public at LACERA’s Pasadena offices, Suite 810, and can be viewed online at lacera.com/leadership/board-meetings. Members of the public may submit comments orally or in writing through the website. Oral comments are limited to three minutes.
Questions about the meeting can be directed to PublicComment@lacera.gov or (626) 564-6000, ext. 4401/4402.
If approved, Lugo’s appointment would take effect February 5.
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