JULY 2022 ACTIVE/DROP NEWSLETTER
WELCOME TO THE SPRING 2022 EDITION OF PENSION PERSPECTIVES.
The new fiscal year is a great time to review your important documents. Take the time to review your beneficiary designations; ensure your benefit information in your annual member statements is accurate; and submit any applicable dissolution of marriage documents. Keeping your records current with LAFPP will prevent unnecessary confusion regarding your survivor benefits upon your passing or delays in your retirement eligibility date due to errors in your personal pension-related information. I encourage you to read the articles in this issue to learn more about the importance of keeping your information current.
Additionally, I would like to share that there are several activities and changes happening with the Board of Fire and Police Pension Commissioners. First, there have been changes to the Commissioners themselves. I want to welcome Rigo Arellano, Firefighter III, who joined the Board in July 2022 as the Fire Department Employee Board member. Mr. Arellano replaced our long-standing Commissioner Ruben Navarro who exited DROP at the end of June 2022. Additionally, I want to welcome Commissioner Andrea Ambriz who replaced Commissioner Belinda Vega in March 2022. Lastly, the Mayor nominated Michael Lawson to replace Commissioner Adam Nathanson who resigned from the Board in March 2022. Mr. Lawson joined the Board at the end of June 2022.
After nine years with LAFPP and over 32 years with the City, I have announced my retirement. It has been a pleasure and a honor to work for the members of this Plan and I am very pleased with the achievements this Plan has made over the years. LAFPP implemented a new pension administration system, purchased a new headquarters building in the Los Angeles Arts District, experienced substantial growth in the portfolio from $18 billion to over $28 billion, and increased funding status from 83% to 96%.
I want to thank the LAFPP staff for the service they provide to our members, as they have carried out this service with utmost professionalism and dedication. And I thank the Board members for their tireless efforts in supporting both the members and staff over the years.
It has been a pleasure and a honor to work for the members of this Plan.
Thank you all for your continued support and dedicated service. Should you have any questions, please contact us at (213) 279-3000 or via email at firstname.lastname@example.org.
GENERAL MANAGER RAY CIRANNA ANNOUNCES RETIREMENT
General Manager Ray Ciranna announced his intent to retire in September 2022. Mr. Ciranna has served as General Manager of LAFPP since May 2013.
LAFPP INVESTMENTS UPDATE – CIO RAY JOSEPH RESIGNS
Chief Investment Officer (CIO) Mr. Ray Joseph resigned in May 2022. Plans to fill the CIO position are currently being developed. Until the CIO position is filled, Kristy Nguyen (Investment Officer III) is currently serving as the acting CIO.
2021 ACTIVE MEMBER STATEMENTS NOW AVAILABLE
Your active member statements are now available! Access your statement through your MyLAFPP account. Click here to learn more about your statements.
DECEMBER 2021 DROP SEMI-ANNUAL STATEMENTS NOW AVAILABLE
DROP Participants! You may now view your December 2021 DROP Semi-Annual Statements in your MyLAFPP account. Click here for important information on your statements.
SIGN UP TODAY TO ATTEND A VIRTUAL WEBINAR!
Let us walk you through your long- and short-term retirement planning. Financial Planning Education Webinars assist with financial strategies and Benefits Information Webinars educate you on the 3 types of LAFPP pensions, health benefits (in retirement), DROP, and much more. Evening webinars are also available to accommodate your busy schedule. Sign up today!
THE IMPORTANCE OF A POWER OF ATTORNEY
Filing a Power of Attorney (POA) authorizes someone to act on your behalf in the event you become incapacitated. Learn why it is important to consider filing a POA.
UPDATE YOUR BENEFICIARY DESIGNATION ONLINE
As an active member, it is very important to maintain a current beneficiary designation with LAFPP. Doing so ensures that your pension contributions and accrued interest will be paid to the person(s) of your choice and the refund will not be delayed by probate, regardless of your estate’s value. Click here to learn how to designate your beneficiaries online.
STATUS OF YOUR PENSION SAVINGS PLAN CONTRIBUTIONS
Did you know that while in the Academy or Drill Tower you were not a member of LAFPP? You were considered a Part-Time/Seasonal/Temporary employee by the City. During this time, you made contributions to the City’s Pensions Saving Plan (PSP). Click here to learn more about PSP and how to verify your account status.
BOARD OF FIRE AND POLICE PENSION COMMISSIONERS NEWS
The Board of Fire and Police Pension Commissioners will continue to meet as scheduled. However, given the evolving City and County COVID-19 safety protocols, please review the respective Board Meeting Agenda for the most current information.
COMMISSIONER ANDREA AMBRIZ APPOINTED TO THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
On March 9, 2022, Andrea Ambriz was appointed member of the Board of Fire and Police Pension by Mayor Eric Garcetti and confirmed by the City Council to serve the remaining term ending June 30, 2026, for the seat vacated by former Commissioner Belinda Vega.
GENERAL ELECTION RESULTS – FIRE DEPARTMENT EMPLOYEE MEMBER BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
LAFPP welcomes Rigo Arellano, the Fire Department Employee Member, to the Board of Fire and Police Pension Commissioners! Mr. Arellano was sworn-in June 2022 to fulfill his fiduciary responsibilities as a Board member beginning July 1, 2022.
COMMISSIONER MICHAEL LAWSON APPOINTED TO THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
In June 2022, Michael Lawson was appointed member of the Board of Fire and Police Pension by Mayor Eric Garcetti and confirmed by the City Council to serve the remaining term ending June 30, 2025, for the seat vacated by former Commissioner Adam Nathanson.
In every edition of the newsletter, we will include information to educate you on retirement benefits. In this edition, we’d like to educate you on Dissolution of Marriage. Watch the video to learn more, then visit our Pensions Toolkit Page for more tools and videos:
Dissolution of Marriage Handbook
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