Based on the actuarial report for the period ending June 30, 2022, the combined funded ratio for pension and health benefits is 95.0%, up from 92.5% the previous year. The overall unfunded liabilities have decreased from $2.1 billion to $1.5 billion.
Article Last Updated on 10/20/22. Click “Read More” to view the latest information.
On October 20, 2022, the Board approved a recommendation from the Ad Hoc Committee on Retiree Healthcare Program to find that conducting a competitive bidding process for retiree health, dental, and vision insurance plans and/or third-party administrator services is impractical and/or undesirable.
The current economic conditions continue to negatively impact retirement funds across the nation. A decline in consumer sentiment, rising interest rates, and lower-than-expected retail sales are weighing on the markets.
The Los Angeles Fire and Police Pensions (LAFPP or “Fund”) is seeking their next General Manager. The General Manager serves as the chief administrative officer of the Fund. Under the direction of the Board of Commissioners, the General Manager directs the daily internal operations and benefits administration of LAFPP.
Earlier this year, LAFPP General Manager Ray Ciranna announced his intent to retire at the end of September 2022. To ensure a seamless transition of leadership for the Department, the Board appointed Joseph (“Joe”) Salazar as the Interim General Manager, effective September 25, 2022.
DROP Participants! View your DROP Semi-Annual Statements in MyLAFPP.
You may now view and/or print your DROP Semi-Annual Statement for the period ending June 30, 2022 in MyLAFPP. This statement summarizes your individual DROP account balance, monthly pension deposits, ITD (inception-to-date) interest, and mandatory exit date.