Pursuant to the City of Los Angeles Charter Section 1112, the Mayor, City Council, and Controller at least once in every five years, shall jointly require a management audit to be made of the business and property of each of the City’s pension and retirement systems.

Each audit is to examine whether the pension or retirement system is operating in the most efficient and economical manner and shall evaluate the asset allocation of the system. The independent qualified management auditing firm employed to conduct the audit is selected by the Mayor, City Council, and Controller.