APRIL 2021 ACTIVE/DROP NEWSLETTER
GENERAL MANAGER’S MESSAGE
WELCOME TO THE SPRING 2021 EDITION OF PENSION PERSPECTIVES.
The Spring edition of our newsletter is filled with important news and topics, including amended Domestic Partnership filing requirements, updating your beneficiaries online, Tier 6 New Member Walkthrough, and our 2020 Annual Report.
Over the past year, we have witnessed how quickly circumstances can change and the impact a life changing event may have on your pension. We encourage you to review your personal records and provide any needed updates to LAFPP by logging into MyLAFPP or by submitting your documentation via email at pensions@lafpp.com.
I want to close with the announcement that your pension plan remains well-funded and secure. For the period ending June 30, 2020, the combined funded ratio for pension and health benefits is 88.6%, up slightly from the previous year. This marks the third consecutive year that the combined funded ratio has increased for the System. Even though the pension benefit funded ratio is now 93.2%, down from 93.6%, the health benefit funded ratio increased from 56.2% to 59.7%. The favorable actuarial valuation results indicate that the Plan remains strong despite a volatile year marked by the COVID-19 pandemic.
Combined funded ratio has increased for the system
Thank you all for your continued support and understanding during these unprecedented times. Should you have any questions, please contact us at (213) 279-3000 or via email at pensions@lafpp.com.
Respectfully,
Ray Ciranna
General Manager
In accordance with Governor Newsom’s Executive Order N-33-20 (Stay at Home Order) and Mayor Garcetti’s “Safer L.A.” Emergency Order, our offices are temporarily closed to all visitors.
WE ARE READY TO TAKE YOUR CALL
As LAFPP staff transitioned to working remotely, incoming calls were directed to voicemails. LAFPP has recently implemented a program to allow staff to promptly answer your calls. Only calls received during high call volume periods or outside of business hours will be transferred to voicemail. Staff will promptly return your calls within one business day. We look forward to hearing from you.
DO YOU HAVE A DOMESTIC PARTNER?
LAFPP has amended the Domestic Partnership filing requirements to recognize filings with other departments or agencies. If you are considering filing a domestic partnership or already have an established filing, please review the new updates.
MAKE BENEFICIARY DESIGNATIONS ONLINE
You may now submit or update your beneficiary designation(s) electronically by logging into MyLAFPP, your self-service portal. Updating your beneficiary designation through MyLAFPP will immediately update your records without delay! Read more.
2020 ANNUAL REPORT NOW AVAILABLE!
LAFPP is pleased to present our 2020 Annual Report. This report provides financial information, such as the department’s budget summary, investment performance, asset allocation data, plan actuarial data, statistical information, and a summary of plan provisions for the fiscal year ending June 30, 2020.
HAVE YOU EXPERIENCED A RECENT LIFE CHANGING EVENT?
A life changing event may have an impact on your pension and on the eligibility of your survivor(s) upon your death as an active or retired member. It is important that you update your information with LAFPP when a major life event occurs. Click here to learn more.
LAFPP WEBINARS ARE NOW AVAILABLE!
“It was great! Exactly the course I needed to educate myself on the topic. Thank you.” Michael Pauley
LAFPP Pension Benefit Education and Financial Planning Education Webinars are available via Zoom for all active and DROP members. These informative webinars are designed to educate you on pension benefits at any stage of your career. Don’t forget to submit your feedback to us after you attend a webinar. Your comments help to make the webinars as informative as possible for all. View schedule.
LAFPP TOOLKIT AND VIRTUAL RECRUIT “TALKS”
The “LAFPP Toolkit” is a newer area on our website designed to deliver tips and starting points on all things LAFPP, and provides key resources intended to assist you, our members, to better understand your pension plan.
BOARD OF FIRE AND POLICE PENSION COMMISSIONERS NEWS
LAFPP Board Meetings
The meetings of the Board of Fire and Police Pension Commissioners will continue as scheduled. However, pursuant to Governor Newsom’s State of Emergency Declaration of March 4, 2020, and Mayor Garcetti’s “Stay at Home Orders”, the Boardroom is currently closed to members of the public. In addition, some of the Brown Act Provisions for public meetings are temporarily being modified. For more information and instructions on how to listen to meetings via phone, or to live stream the meetings, please visit the Board of Commissioner’s Meetings page of the website.
LAFPP Board Letter to County Health Department
The Board of Los Angeles Fire and Police Pensions (Board) strongly urged the Director of Los Angeles County’s Public Health Department to immediately prioritize police officers and other law enforcement professionals by authorizing the immediate availability of vaccinations for these professionals.
Read letter to the County Health Department.
In every edition of the newsletter we like to include information pieces to educate our members regarding their retirement benefits. In this edition, we’d like to show you Five Things You Need to Know about LAFPP services during this time. Watch the video to learn more, then visit our Pensions Toolkit Page for more tools and videos:
We’d like to hear from you!
Send us a message about this newsletter or take a quick survey on how we’re doing.