On March 12, 2014 the City Controller released audit reports for both Los Angeles Fire and Police Pensions (LAFPP) and the Los Angeles City Employees’ Retirement System. This is consistent with Section 1112 of the Los Angeles City Charter which requires the City Controller, the Office of the Mayor and the Los Angeles City Council to request a management audit of the pension systems be conducted by an independent, qualified management auditing firm once every five years. The first such audit was released in 2007.
We are pleased to report that the current audit found that:
LAFPP is generally operating in an effective manner.
Investment management fees were reasonable compared to our peers.
On a cost per assets basis, LAFPP’s administrative expenses are lower than average.

We look forward to reviewing and addressing each recommendation.