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2020 Annual Report
LAFPP is pleased to present our 2020 Annual Report. This report provides financial information, such as the department’s budget summary, investment performance, asset allocation data, plan actuarial data, statistical information, and a summary of plan provisions for the fiscal year ending June 30, 2020.
February 2021 Retired/DROP Newsletter
- COLA- LAFPP Cost of Living Adjustments
- 2021 Health & Dental Subsidy Updates
- Medicare Part B Reimbursement
- Tax Season-Form 1099-R Information
2020 Form 1099-R Are Available on MyLAFPP
The 2020 Form 1099-R is now available for retired members on MyLAFPP. It is the easiest and fastest way to view and print your tax statement without waiting for delivery to your mailing address.
LAFPP Cost of Living Adjustments (COLA)
All eligible DROP participants, retired members, and beneficiaries are subject to an annual cost of living adjustment (“COLA”). The COLA takes effect on July 1 of every year and the adjustment is received accordingly in the July 31st pension payment/DROP account deposit.
MEDICARE PART B PREMIUM REIMBURSEMENT FOR 2021
SPECIAL NOTICE: This article only applies to retired members of the Los Angeles Fire & Police Pension Plan
The Centers for Medicare and Medicaid Services (CMS) has increased the standard Medicare Part B monthly premium to $148.50 effective January 1, 2021; however, you may pay a different amount determined by CMS.
Status of the Fund – January 2021
January 2021 begins with more good news for LAFPP! As of January 12, 2021, the Fund reached an unaudited market value in excess of $28.3 billion dollars.
Los Angeles Fire and Police Pensions CIO to Retire
Longstanding Chief Investment Officer (CIO), Tom Lopez of Los Angeles Fire and Police Pensions (LAFPP), is set to retire 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.
Fairview Capital and Los Angeles Fire & Police Pensions (LAFPP) held a successful inaugural “Investing in Inclusion” webinar
Press Release
Fairview Capital and Los Angeles Fire & Police Pensions (LAFPP) held a successful inaugural “Investing in Inclusion” event that occurred on November 17, 2020.This event was attended by over 250 diverse general partners, limited partners, and others interested in learning more about LAFPP’s Specialized Manager Program and potential opportunities for fundraising and institutional investing.
2020 Valuation Reports Approved
Good news! Based on the actuarial report for the period ending June 30, 2020, the combined funded ratio for pension and health benefits is 88.6%, up slightly from 88.5% the previous year. This marks the third consecutive year that the combined funded ratio has increased for the System. Even though the pension benefit funded ratio is now 93.2%, down from 93.6%, the health benefit funded ratio increased from 56.2% to 59.7%. The favorable results indicate that the Plan remains strong despite a volatile year marked by the COVID-19 pandemic.
October 2020 Retired/DROP Newsletter
- Anticipated Changes to LAFPP Operations When Our Offices Reopen
- How to Request a Pension Verification Letter
- New MyLAFPP Helpdesk
- Recent Changes to Survivor Pension Process
FY 19-20 Investment Return
LAFPP is reporting a return of 3.04% for the fiscal year ending June 30, 2020, as assets totaled over $23.5 billion at the year-end.
Tier 6 – Pension Benefits Walkthrough
Tier 6 members, we have something NEW for you!
We created an easy-to-navigate web page to walk you through your pension benefits.
LAFPP Hits $25 Billion
As of August 4, 2020, the Fund’s total assets once again reached an unaudited market value in excess of $25 billion dollars.
2020 DROP Semi-Annual Statements – Now Available in MyLAFPP!
DROP Participants! View your DROP Semi-Annual Statements in MyLAFPP.
2019 Active Member Annual Statements – Available in MyLAFPP!
Active members! View your 2019 Annual Member Statements in MyLAFPP.
Election of 2020-2021 Board Officers
Each year in July, the Board of Fire and Police Pension Commissioners elects its Officers of the Board to serve one-year terms. On July 16, 2020, the Board elected Brian Pendleton as President and Ken Buzzell as Vice President.
Commissioner Adam Nathanson Re-Appointed to the Board
Effective July 1, 2020, Commissioner Adam Nathanson was re-appointed by Mayor Eric Garcetti and confirmed by the City Council to serve a new five-year term ending June 30, 2025.
Dissolution of Marriage and Your Pension Guide
As a member of LAFPP, it is important that you understand the impact a dissolution of marriage may have on one of your largest assets – your pension. In California, any asset acquired, or income earned while married is considered community property. As part of this, pension benefits and contributions are subject to community property laws and, as assets, may be subject to division upon dissolution of marriage.
A Message from the Board of Fire and Police Pension Commissioners
Our response to Members who are concerned regarding the financial strength of the LAFPP fund in light of the COVID-19 pandemic.
Board Adopts 7.00% Rate of Return
On May 21, 2020, the Board of Fire and Police Pension Commissioners approved the Plan actuary’s recommendation to lower the investment return assumption from 7.25% to 7.00%. This action will help ensure the long-term viability of the Plan to properly fund the benefits for members.