JULY 2021 ACTIVE/DROP NEWSLETTER
WELCOME TO THE SUMMER 2021 EDITION OF PENSION PERSPECTIVES.
I hope everyone is enjoying the summer, relaxing and staying healthy with friends and family. I invite you all to read our newsletter filled with announcements and benefit topics including the City of Los Angeles’ Retirement Incentive Pay (RIP) bonus, Active member and DROP participant statements available online, and the new rollover-via-wire-transfer option for DROP participants.
I am pleased to announce that LAFPP’s assets now exceed $30 billion. Despite a year of uncertainty due to the pandemic and its effects on the global economy, we ended the fiscal year on a high note as our preliminary rate of return at June 30, 2021 was 30.9%. As part of our fiduciary duty we will continue to safeguard LAFPP plan assets and provide exceptional service to our members.
LAFPP’s assets now exceed $30 billion
As LAFPP continues to provide virtual services, staff has prepared a detailed plan for the gradual reopening of our offices in August. Please read the article for safety guidelines and visitor requirements before arriving at our offices. Thank you all for your continued patience and support.
Should you have any questions, please contact us at (213) 279-3000 or via email at email@example.com.
As COVID-19 restrictions have eased, LAFPP now plans to gradually reopen our offices beginning August 2nd with a limited capacity to members and the public. Read our Reopening Plan.
Los Angeles Fire and Police Pensions’ longstanding Chief Investment Officer (CIO), Tom Lopez retired in June after more than 40 years of service to the fund. Mr. Lopez has been a stalwart in the CIO role since 1993 and has led the Investment Team in building a strong portfolio, successfully achieving returns above the benchmark for over 25 years.
Thank you, Mr. Lopez, for your years of dedicated service to the men and women who serve and to protect the residents of Los Angeles! Read more.
New LAFPP CHIEF INVESTMENT OFFICER
Los Angeles Fire and Police Pensions (LAFPP) is excited to welcome our new Chief Investment Officer Ray Joseph.
Los Angeles Fire and Police Pensions Fund Assets Reach New Milestone
LAFPP’s assets under management now exceed $30 billion. This turnaround is remarkable given the market steep decline in the S&P 500 in early 2020. Read more.
Retirement Incentive Pay Program – Member Update
The Retirement Incentive Pay program was developed by the City and sworn labor unions to allow sworn employees who are retiring or entering DROP to include deferred salary increases as part of their pension benefit calculation or to apply toward their accrued leave payout.
June 2021 DROP Semi-Annual Statements and 2020 Active Member Annual Statements – Available in MyLAFPP!
You may now access the following statements from your MyLAFPP account:
Active Member-2020 Annual Statement
DROP Participant- June 2021 Semi-Annual Statement
Rollover Via Wire Transfers Now Available!
DROP Participants who are exiting now have the option to have their funds rollover via wire transfer for a minimal fee. DROP funds will reach the financial institution at a much faster rate compared to rollover checks delivered via the U.S. Postal Service. Click here to learn more.
Virtual counseling has proven to be a popular format with members, as it is convenient, efficient, and effective. This format allows spouses/domestic partners or other guests to participate either together or from different physical locations.
View the benefits of virtual counseling.
LAFPP Board Meetings
The meetings of the Board of Fire and Police Pension Commissioners will continue as scheduled. However, given the evolving City and County safety protocols, please review the respective Board Meeting Agenda for the most current information.
Farewell Commissioner Corinne T. Babcock
After serving 7 years as a Board member, Commissioner Corinne Babcock attended her last meeting as Commissioner of the Board of Fire and Police Pensions on June 17, 2021. She was recently chosen by Mayor Garcetti to serve on the Board of Fire Commissioners. Ms. Babcock was first appointed to serve on the Board of Fire and Police Pensions in 2014, where she has held the roles of both President and Vice President of the Board.
Thank you Commissioner Babcock for all your service!
Commissioner Belinda M. Vega Reappointed to the Board
Commissioner Belinda M. Vega was re-appointed by Mayor Eric Garcetti and confirmed by the City Council to serve a new five-year term ending June 30, 2026. Commissioner Vega was first appointed to the Board in October 2012 to serve the unexpired term of a former Commissioner, and previously served as the Board President for a one-year term ending July 2015.
Congratulations Commissioner Vega and thank you for your continued service!
COMMISSIONER PENDLETON REAPPOINTED PRESIDENT AND COMMISSIONER BUZZELL REAPPOINTED VICE PRESIDENT
On July 15, 2021, Commissioner Pendleton was re-appointed to be Board President and Commissioner Buzzell was re-appointed Board Vice President. Congratulations Commissioner Pendleton and Commissioner Buzzell for your re-appointments. Read more
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: