The Los Angeles County Employees Retirement Association (LACERA) is notifying its members, staff, and business partners of a data breach involving State Street Bank and its third-party vendor, Fiserv. The breach, discovered by Fiserv in October 2023, involved check information exposures through its MOVEit transfer application, affecting approximately 2,400 retired members who receive benefits by check. Although LACERA’s information systems remain unaffected, it is actively communicating with impacted parties to address the incident transparently.
Following Fiserv’s notification, State Street Bank initiated an internal investigation to identify affected clients, informing LACERA of the breach on October 27, 2023. Despite initial ambiguity, State Street provided LACERA with comprehensive details in December 2023, enabling targeted notifications to affected members and other payees. LACERA is taking proactive steps to support affected members, offering free credit and identity theft monitoring services for two years, and providing guidance on fraud prevention measures.
LACERA emphasizes its commitment to data security and member protection, pledging accountability for its vendors and service providers. As a public retirement plan governed by rigorous legal and regulatory frameworks, LACERA ensures adherence to California laws and pension regulations to safeguard member benefits. With robust governance structures in place, including the Board of Retirement and the Board of Investments, LACERA remains dedicated to upholding the highest standards of security and transparency for its members and stakeholders.
