AUGUST 2020 ACTIVE/DROP NEWSLETTER
WELCOME TO THE AUGUST 2020 EDITION OF PENSION PERSPECTIVES.
We find ourselves in a new and challenging period of our lives due to the COVID-19 pandemic. We appreciate the strength and dedication of all fire and police personnel who face this crisis head-on. We are committed to serving you and assisting with your retirement needs.
As communities and businesses begin to reopen and adapt to the new norm of doing business, we at LAFPP have also begun the necessary planning to develop protocols and procedures to safely reopen our offices gradually in the near future. Upon reopening, all services will continue as usual with some modifications to our operations. Our modified approach will be guided by the trend in COVID-19 cases and the recommendations of state and local officials.
While our offices continue to be temporarily closed to all visitors, staff remains committed and available to serve members online and telephonically, Monday through Friday, during our regular business hours.
We will continue to update you with the status of our office operations. You may also visit our website for news and other updates related to the status of our offices.
Staff remains committed and available to serve members
I also want to convey to members that the financial health of the LAFPP fund remains strong in light of the COVID-19 pandemic and the resulting downturn in the stock market. Although the LAFPP fund has been affected by the recent market fluctuations, the fund continues to recover from the market downturn and has again grown to over $25 billion in assets as of August 4, 2020. Be assured that the fund has plenty of cash on hand to meet pension and DROP payment obligations in this volatile market. And we will continue to evaluate and monitor our long-term investment strategies to ensure the health and sustainability of your fund.
In other highlighted news, on May 21, 2020, the Board of Fire and Police Pension Commissioners approved the Plan actuary’s recommendation to lower the investment return assumption from 7.25% to 7.00%. This action will help continue to ensure the long-term viability of the Plan to properly fund the benefits for our members. In July, the Board also elected a new President and Vice President. Virtual Board meetings continue to be held regularly and instructions to listen in are available on our website under Board Meetings.
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 email@example.com.
While the news is focused on the COVID-19 pandemic, stock market volatility and the nation’s recession, we want to remind you of our commitment to administer your pension benefits during these challenging times. Read more.
ANTICIPATED CHANGES TO LAFPP OPERATIONS WHEN OUR OFFICES REOPEN
We developed a Reconstitution Plan to gradually and safely reopen our LAFPP offices and resume normal services. For more information, visit our COVID-19 Response page.
VIRTUAL FINANCIAL PLANNING EDUCATION SEMINARS COMING SOON!
As our in-person Financial Planning Education Seminars have been temporarily suspended due to the COVID-19 pandemic, we are working to offer you virtual seminars in the near future.
Be sure to update your email address on your MyLAFPP account to ensure you receive notification when these virtual seminars become available.
LAFPP TOOLKIT AND VIRTUAL RECRUIT “TALKS”
Want to learn more about your pension benefits? Check out our new “LAFPP Toolkit“ page designed to provide you with helpful hints and short videos to assist you with your benefits education.
DISSOLUTION OF MARRIAGE AND YOUR LAFPP PENSION
How does a dissolution of marriage affect your pension? The new Dissolution of Marriage Guide provides you with an overview on how your pension benefits may be affected and the actions you need to take as a member.
COMMISSIONER ADAM NATHANSON REAPPOINTED TO THE BOARD
Effective July 1, 2020, Commissioner Adam Nathanson was re-appointed to serve a new five-year term ending June 30, 2025.
Read more on Commissioner Nathanson’s reappointment.
THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS ELECTS NEW OFFICERS
Each year in July, the Board of Fire and Police Pension Commissioners elects its Officers of the Board to serve one-year terms. Read more on elected officers.
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: