City Controller’s Management Audit
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
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.