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LAFPP Funded Status as of June 30, 2010
Los Angeles Fire and Police Pensions (LAFPP) is 91.6% funded for pension benefits on an actuarial basis for the period ending June 30, 2010. We are among the highest-funded systems in the state and the best funded of the City’s three retirement systems. We are also one of the few pension plans that pre-fund health benefits. Health subsidy benefits are 32.2% funded. The combined funded status of health subsidy and pension benefits is 83.3% as of June 30, 2010. The following table summarizes our funded status and employer contributions over the last three years:
|
Pension % Funded |
Heath Subsidy % Funded |
Combined % Funded |
Employer Contribution* |
For Fiscal Year |
6/30/2010 |
91.6 |
32.2 |
83.3 |
$503,423,483** |
2011-2012 |
6/30/2009 |
96.2 |
39.7 |
89.4 |
$388,773,459 |
2010-2011 |
6/30/2008 |
99.1 |
41.8 |
92.6 |
$357,245,140 |
2009-2010 |
*Employer contribution is composed of amounts contributed by the City and the Harbor Department.
**The contribution amount is a projection based on the City's budgeted sworn payroll for FY 2010-2011. The final contribution amount will not be finalized until the City determines the sworn payroll amount for FY 2011-12. |
After two years of negative returns sustained in the 2008-09 market crash, our return for the one-year period ending June 30, 2010 was 13.91%.
During these challenging economic times, LAFPP remains committed to protecting your pension system by utilizing a well-diversified portfolio, focused on a long-term horizon. We will continue to invest and position ourselves to take advantage of upcoming opportunities to achieve positive returns in the future.
If you should have any questions or concerns on this matter, please contact the Communications and Special Projects Section at (213) 978-4530 or (800) 787-CITY, ext. 84530#.
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