MARCH 2022 ACTIVE/DROP NEWSLETTER
WELCOME TO THE SPRING 2022 EDITION OF PENSION PERSPECTIVES.
Over the past two years, we have developed improvements to the way we provide services to our members. With the success of our virtual services and enhancements to the MyLAFPP online member portal, we look forward to continuing to serve our members in new and innovative ways. We are sensitive to your individual preferences and needs, and will continue to offer our services both in-person and virtually. I invite you to take advantage of these virtual sessions and learn how to prepare for a smooth transition to retirement.
Additionally, I am happy to announce that based on the actuarial report for the period ending June 30, 2021, the combined funded ratio for pension and health benefits is 92.5%, up from 88.6% the previous year. This marks the fourth consecutive year that the combined funded ratio has increased for LAFPP. The pension benefit funded ratio is now 96.8%, up from 93.2%, and the retiree health benefit funded ratio increased from 59.7% to 64.7%. These positive results were primarily the result of our very favorable investment return of 32.56% for the year ended June 30, 2021.
The pension benefit funded ratio is now 96.8%
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.
Click here to learn more about improvements we’ve implemented to address your benefit needs via email, phone, or virtually.
LAFPP’S VIRTUAL WEBINARS
LAFPP now offers virtual DROP and service pension group counseling, a series of benefit webinars and Financial Planning Education webinars. These sessions help you prepare for retirement and/or entering/exiting DROP. Sign up now through your MyLAFPP account to participate from the comfort of your own home!
TERMINATION OF ACTIVE SERVICE
Terminating employment with the City does not always mean a loss of your member contributions to LAFPP. Learn about your options.
2021 ANNUAL REPORT
LAFPP is pleased to present our 2021 Annual Report. This report provides financial information, such as investment performance, asset allocation data, plan actuarial data, statistical information, and a summary of plan provisions for the fiscal year ending June 30, 2021. Read more.
PURCHASE YOUR ACADEMY OR DRILL TOWER TIME
Don’t delay! The cost to purchase your training period increases over time and all purchases must be completed prior to retirement/entering DROP. View the benefits of purchasing your time and how to begin the process.
UPDATING YOUR MAILING ADDRESS
If you have recently moved, be sure to update your contact information to ensure you receive pension benefits information and the latest news on the Pension Plan.
You must update your information with your employing department (Fire, Police, Harbor & Airport). Click here for more information.
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 SUMI PAREKH APPOINTED TO THE BOARD
Effective September 14, 2021, Sumi Parekh was appointed by Mayor Eric Garcetti and confirmed by the City Council to serve the remaining term ending June 30, 2024, for the seat vacated by former Commissioner Corinne T. Babcock.
SPECIAL ELECTION RESULTS-POLICE DEPARTMENT EMPLOYEE MEMBER BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
LAFPP welcomes Brian J. Churchill, the Police Department Employee Member, to the Board of Fire and Police Pension Commissioners! Mr. Churchill was sworn-in during January 2022 to fulfill his fiduciary responsibilities as a Board member beginning February 1, 2022.
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 Purchasing Your Recruit Training Time. Watch the video to learn more, then visit our Pensions Toolkit Page for more tools and videos: