2014 Annual Report
As of June 30, 2014, the System’s assets grew to over $15.75 billion on a market basis, while serving over 25,600…
The 2014 Annual Report for Los Angeles Fire and Police Pensions is now available online! As of June 30, 2014, the System’s assets grew from $15.75 billion to over $18.27 billion on a market basis, while serving over 25,600 members including 13,097 active and DROP members and 12,502 retired members and beneficiaries. The System’s pension benefits are actuarially funded at 86.6 percent and the health subsidy benefits are funded at 43.2 percent. Combined, the funded status of these benefits is 80.8 percent. It is important to note that LAFPP has been pre-funding health subsidy benefits since 1989, and is one of the few public pension systems to do so.
Our market rate of return of 17.86 percent marks the second year in a row that the System experienced double-digit returns. This increase from the previous year’s 13.01 percent return was primarily due to strong performance in the domestic fixed income and international equity markets. As a result, LAFPP continues to remain amongst the highest funded public pension systems in the country.
This past fiscal year was also a year of great accomplishments at LAFPP. Our successes include the completion of security and network infrastructure upgrades to help ensure the protection of our membership information. In addition, the project to replace our pension administration system, one of the most significant projects undertaken by staff, is well underway. A major goal of the new system is to provide additional functionality to members and staff. We continue to refine and update our Strategic and Business Plan goals to build upon our prior achievements and meet new challenges. All achievements ultimately support our mission – to advance the health and retirement security of those who dedicate their careers and risk their lives to protect the people of Los Angeles.
In addition to this report, our historical annual reports, actuarial valuations and financial statements are available in the Financial Reports section.