Newsroom
MEDICARE PART B PREMIUM REIMBURSEMENT FOR 2021
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.
Status of the Fund – December 2020
Total fund assets have once again reached an all new high! As of December 8, 2020, your Fund reached an unaudited market value in excess of $27.5 billion dollars. This greatly exceeds the $25 billion total as of January 2020, just before the stock market declined due to the COVID-19 pandemic. The rebound in the Plan’s market value is due to the strong recovery in the equity markets and the City’s annual contribution payment received in July 2020.
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.
Fairview Capital and LAFPP: “Investing in Inclusion” Event
Press Release
Fairview Capital and Los Angeles Fire & Police Pensions (LAFPP) announce the inaugural “Investing in Inclusion” event on November 17, 2020 at 10:00 am PST. This webinar will be hosted by Fairview and will highlight LAFPP’s successful Private Equity Specialized Manager Program.
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.
LAFPP Fund Status and Commitment
Daily, the news is focused on the COVID-19 pandemic, stock market volatility, the nation’s recession, and the protests for social justice changes. These issues are at the forefront of our lives and given the importance of each of these issues, we know that resolution will take time. However, we want to remind you that LAFPP continues our commitment to administer your pension benefits during these challenging times.
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.
Election Results – Fire Department Retired Member Board of Fire and Police Pension Commissioners
Congratulations, Commissioner Buzzell!
Commissioner Buzzell received 97.04% of the vote and will serve the term of office from July 1, 2020 until June 30, 2025.
Election Results – Police Department Employee Member Board of Fire and Police Pension Commissioners
Congratulations Commissioner Weber!
Commissioner Weber received 74.26% of the vote and will serve the term of office from July 1, 2020 until June 30, 2025.
LAFPP Offices Are Closed Temporarily
In accordance with Governor Newsom’s Executive Order N-33-20 (Stay at Home Order) and Mayor Garcetti’s “Safer At Home” Emergency Order, our offices will be closed to all visitors until further notice and only essential services will continue as follows:
We are monitoring your LAFPP Fund
Financial markets across the world have been hit hard by the coronavirus outbreak, with stocks suffering the largest losses. Your pension fund invests in a variety of other assets besides stocks that help cushion the fund against fluctuations in stock prices. The fund has plenty of cash on hand to meet pension and DROP payments without the need to sell any securities in this down market.
Ballot Mailing – Fire Department Retired Member Board of Fire and Police Pension Commissioners
The current term for the Fire Department Retired Member of the Board of Fire and Police Pension Commissioners will end on June 30, 2020. The Office of the City Clerk, in conjunction with the Department of Fire and Police Pensions, is scheduled to conduct an Election on Tuesday, March 31, 2020, to fill that position.
Ballots will be mailed to eligible voters beginning on Friday,
March 6, 2020.
2019 Annual Report
LAFPP is pleased to present the 2019 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, 2019.
Retiree Form 1099-R – UPDATE and FAQs
Updated: February 28, 2020
All 1099-R tax forms have been posted to MyLAFPP for viewing and downloading. Read more on how to access your 1099-R on MyLAFPP.
Ballot Mailing – Police Department Employee Member Board of Fire and Police Pension Commissioners
Ballots will be mailed to eligible voters beginning on Friday, February 21, 2020.
TAX SEASON – 1099-R INFORMATION
As you prepare to file your taxes, here’s how to obtain your 2019 Tax Form 1099-R information
TAX WITHHOLDING TABLES FOR 2020
Federal and CA state income tax withholding tables were updated for the 2020 tax year. Starting with the January 31, 2020 pension payment, you may see a change in your taxes withheld.
LAFPP NEW OFFICE HOURS!
As of January 1, 2020, our new business hours are 7:30 a.m. to 4:30 p.m., Monday through Friday, excluding City holidays.
MEDICARE PART B PREMIUM REIMBURSEMENT FOR 2020
The Centers for Medicare and Medicaid Services (CMS) has recently announced that the standard Part B monthly premium for the 2020 calendar year will increase to $144.60 on January 1, 2020.
ELECTION – FIRE DEPARTMENT RETIRED MEMBER BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
The current term for the Fire Department Retired Member of the Board of Fire and Police Pension Commissioners will end on June 30, 2020. The Office of the City Clerk, in conjunction with the Department of Fire and Police Pensions, is scheduled to conduct an Election on Tuesday, March 31, 2020, to fill that position. All retired, sworn members of the Fire Department are encouraged to participate. The candidate elected will serve a five-year term that begins July 1, 2020 and ends June 30, 2025.
ELECTION – POLICE DEPARTMENT EMPLOYEE MEMBER BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
The current term for the Police Department Employee Member of the Board of Fire and Police Pension Commissioners will end on June 30, 2020. The Office of the City Clerk, in conjunction with the Department of Fire and Police Pensions, is scheduled to conduct an Election on Tuesday, March 17, 2020, to fill that position. All active, sworn members of the Police Department are encouraged to participate. The candidate elected will serve a five-year term that begins July 1, 2020 and ends June 30, 2025.
LAFPP Contract with Fisher Asset Management
The Board of Fire and Police Pension Commissioners held a special hearing to determine the future of the Fund’s contract with Fisher Asset Management. After a lengthy and deliberative discussion, the Board voted to terminate its contract with Fisher for management of an international large cap equity portfolio.
Direct Deposit Transition
LAFPP is currently working toward transitioning all of our pensioners from paper checks to direct deposit. 97% of our pensioners currently use direct deposit to safely and quickly receive their monthly pension payments.
Direct deposit provides the following benefits:
2019 DROP Semi-Annual Statements
Now Available on MyLAFPP!
You may now view and/or print your DROP Semi-Annual Statement for the period ending June 30, 2019, on MyLAFPP. This statement summarizes your individual DROP account balance, monthly pension deposits, ITD (inception-to-date) interest, and mandatory exit date. To view your statement, take the following steps:
Another Step Towards Customer Service Efficiency
When you call our LAFPP offices, we now have a phone tree to get you to the service or information you need, quickly and efficiently.
Election of 2019-2020 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 18, 2019, the Board elected Adam Nathanson as President and Brian Pendleton as Vice President.
2018 Annual Active Member Statements
Now Available on MyLAFPP!
You may now view and/or print your 2018 Annual Statement. This statement summarizes your individual pension-related information by providing employee information, service credit, pension estimates (if eligible to retire), contributions and interest, spouse or domestic partner information, and beneficiary designations as of December 31, 2018.
MyLAFPP – DROP Member Status
Members who entered DROP between October 2018-February 1, 2019
Due to the high volume of applicants prior to the February 1, 2019 amendments, recent DROP enrollees may find variations of their status in MyLAFPP.
FAREWELL COMMISSIONER GEORGE ALIANO
On June 20, 2019, George Aliano attended his last official meeting as Commissioner of the Board of Fire and Police Pensions (Board).
RUNOFF ELECTION RESULTS POLICE DEPARTMENT RETIRED MEMBER BOARD OF FIRE AND POLICE PENSION COMMISSIONERS
LAFPP welcomes Commissioner Garrett W. Zimmon, the Police Department Retired Member-elect of the Board of Fire and Police Pension Commissioners! Commissioner Zimmon will be sworn into office in early July 2019 to fulfill his fiduciary responsibilities as a Board member.
The new MyLAFPP is here!
The new MyLAFPP has officially been launched! Active, DROP and Retired Members plus beneficiaries have convenient access to personalized benefit information and services all in one pension administration system.
2019 Non-Medicare Health Subsidy Increase
On May 2, 2019, the Board of Fire and Police Pension Commissioners approved a 5.5 percent increase to the non-Medicare health subsidy. The new non-Medicare health subsidy maximum is $1,820.29 per month, effective July 1, 2019.
Welcome to LAFPP’s new website!
Our website has been redesigned to create a user-friendly interface for our members, stakeholders, and visitors to easily navigate and find information. For the new design, we aimed for a minimalist look without sacrificing information.
COLA 2019
The Cost of Living Adjustment (COLA) is 2.5% for 2019 and was approved by the Board of Fire and Police Pension Commissioners on March 21, 2019. The COLA will be effective July 1, 2019, and all eligible pensioners and DROP participants will receive an increase accordingly, beginning with the pension payment dated July 31, 2019.
MyLAFPP is Now Back Up
Released May 31, 2019 2:01PDT
MyLAFPP is now back and operational. We thank you for your patience.
Released May 31, 2019 1:41 PDT
Due to the popularity of the new MyLAFPP, we are experiencing a huge amount of traffic on the website. Our users are reporting seeing an error and are unable to access the site.
We apologize for the inconvenience and expect this to be resolved soon. We recommend our users to try again at a later time.
Medicare Part B Premium Reimbursement For 2019
Retired members and qualified survivors can receive reimbursement for their Part B premiums if they are eligible for a health subsidy and are enrolled in both Medicare Parts A and B.
Passing of Gary Mattingly
It is with great sadness that we announce the recent passing of Gary Mattingly, former General Manager of the Department of Fire and Police Pensions.
New DROP Requirements Are in Effect
As of February 1, 2019
The following new requirements will affect any member who enters DROP on or after February 1, 2019:
LAFPP PENSION PAYMENTS
NEW LOOK
Your January 31, 2019 pension payment was processed from PARIS, our new pension administration system, which we announced to our members in December. Your monthly pension check or direct deposit advice for January 2019 will have a new look and will provide more information about pension earnings and deductions.
2018 Annual Report
The 2018 Annual Report for Los Angeles Fire and Police Pensions is available online!
LAFPP is pleased to present the 2018 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, 2018.
EFT Prenotification Message
IMPORTANT: Please note that LAFPP performed an Electronic Funds Transfer (EFT) prenotification test the week of December 3, 2018. The test was conducted to validate your routing and account numbers for our upcoming pension administration system (PARIS). You may have received notification from your bank that LAFPP was given authorization by you to Debit or Credit your account. Please note that neither a debit or credit was made to your account. The test was a validation to help ensure a seamless transition to PARIS.
Sign Up for a DROP Group Counseling Session
The effective date of the ordinance amending the DROP Program has been changed to February 1, 2019. If you enter the DROP Program by January 31, 2019, you will not be subject to the proposed amendments.
LAPD Members – Ready to Enter DROP
Call and schedule an appointment directly with LAFPP to draft your Letter of Intent. You no longer need to make an appointment with the LAPD Retirement Liaison. When you call to make an appointment with LAFPP, your assigned counselor will assist you with:
Passing of Sam Diannitto
We are saddened to report that former Commissioner Sam Diannitto passed away last week. We honor and recognize his long history of service to the City of Los Angeles and the Fire and Police Pension System.
Commissioner Diannitto started with the Fire Department in 1954 and after serving 43 years, he retired in 1997 as an Assistant Fire Chief.
Election of 2018 – 2019 Board Officers
Each year, the Board of Fire and Police Pension Commissioners elects its Officers of the Board during the second meeting in July. On July 19, 2018, the Board elected Commissioners Corinne T. Babcock and Adam Nathanson as the new President and Vice President, respectively.
Special Election – Police Department Employee Member Board of Fire and Police Pension Commissioners
The current term for the Police Department Employee Member of the Board of Fire and Police Pension Commissioners will end on June 30, 2020. Commissioner Robert von Voigt will be resigning from the Board as the Police Department Employee Board Member effective September 30, 2018. Since Commissioner von Voigt’s term was scheduled to expire on June 30, 2020, his resignation leaves an unexpired term of twenty-one (21) months.
Special Election Results – Police Department Employee Member of the Board
LAFPP welcomes Commissioner Paul M. Weber, the Police Department Employee Member of the Board of Fire and Police Pension Commissioners!
LAFPP Reports a Return of 9.91% for the Fiscal Year Ending 2017-18
LAFPP assets totaled $22.32 billion at the end of the fiscal year.
Access To Drop Funds Reminder!
DROP funds rolled over to the City’s Deferred Compensation Plan may not be subject to a tax penalty!
Drop Semi-annual Statements As Of June 30, 2018 Are Available Online!
Log in to MyLAFPP to view this statement.
2018 Non-Medicare Subsidy Increase
The Board approved a 6% increase to the non-Medicare health subsidy.
COLA for 2018
The Cost of Living Adjustment (COLA) is 3.6% for 2018 and was approved by the Board of Fire and Police Pension Commissioners on April 19, 2018.
2017 Annual Active Member Statements
Active members! Your 2017 Annual Active Member Statements are available in MyLAFPP.
Building Access with ID & Parking Reminders
If you have an upcoming appointment or need to stop by the LAFPP offices, plan ahead for your visit.
Update to Federal Income Tax Withholding Tables
The federal income tax withholding tables have been updated for the 2018 tax year, starting with the February 28, 2018 payment.
DROP Program Review – Update
The ordinance amending the DROP Program was approved at its second reading by the City Council on January 15, 2019. The adopted changes to the Program will affect all members entering DROP on or after February 1, 2019.
New DROP Requirements for Members Entering on or After February 1, 2019:
DROP Semi-Annual Statements as of December 31, 2017 are Available Online!
Log in to MyLAFPP to view this statement.
LAFPP Welcomes the Airport Peace Officers!
We are pleased to welcome our new members from the Airport Department!
2017 Annual Report
LAFPP is pleased to present the 2017 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, 2017.
2017-18 Health & Dental Subsidy Updates
On December 7, 2017, the Board of Fire and Police Pension Commissioners approved new maximums for the Medicare health subsidy, the health subsidy for Qualified Surviving Spouses/Domestic Partners, as well as the dental subsidy. These new maximum amounts will be effective January 1, 2018 through December 31, 2018.
Medicare Part B Premium Reimbursement For 2018 – Action Required
The Centers for Medicare and Medicaid Services (CMS) has announced the maximum standard Medicare Part B (Part B) premium for the 2018 calendar year. The standard Part B premium will remain at $134.00 and will be effective January 1, 2018. Action may be required of members whose current Part B reimbursement is less than $134.00.
Medicare Part B Premium Reimbursement for 2018 – ACTION REQUIRED
The Centers for Medicare and Medicaid Services (CMS) has announced the maximum standard Medicare Part B (Part B) premium for the 2018 calendar year. The standard Part B premium will remain at $134.00 and will be effective January 1, 2018. Action may be required of members whose current Part B reimbursement is less than $134.00.
LAFPP Reports a Return of 13.27% for the Fiscal Year Ending 2016-17
LAFPP is reporting a return of 13.27% for the fiscal year ending June 30, 2017. LAFPP assets totaled $20.64 billion at the end of the fiscal year.
Health Insurance Premium Reimbursement Program (HIPR) Changes
Recent actions taken by the Los Angeles Fire and Police Pensions Board of Commissioners and the Los Angeles City Council have resulted in changes to the HIPR program effective April 1, 2017.
2017 Annual Member Survey – Highlights
Check out the results from the 2017 Annual Member Survey!
Retired Fire Board Member Election Results
LAFPP welcomes Commissioner Kenneth Buzzell, the newly-elected Fire Department Retired Employee Member of the Board of Fire and Police Pension Commissioners!
Farewell Commissioner Sam Diannitto
September 20, 2017 marked Sam Diannitto’s last meeting as a Commissioner of the Board of Fire and Police Pension Commissioners.
Commissioner Pedram Salimpour, MD Re-Appointed to the Board
On July 26, 2017, the City Council confirmed Mayor Garcetti’s reappointment of Pedram Salimpour, MD to the Board of Fire and Police Pension Commissioners (Board) for a second term beginning July 1, 2017 through June 30, 2022.
LAFPP Hits $21 Billion
For the first time in LAFPP history, the Fund’s total assets reached an unaudited market value in excess of $21 billion dollars as of July 18, 2017.
Election of 2017-2018 Board Officers
On July 20, 2017, the Board elected Commissioners Ruben Navarro and Corinne Babcock as the new President and Vice President, respectively.
Special Election Fire Department Retired Member Board of Fire and Police Pension Commisssioners
A Special Election is scheduled for Tuesday, September 19, 2017, to fill the position of Fire Department Retired Member of the Board of Fire and Police Pension Commissioners.
June 2017 Retired/DROP Member Newsletter
Pension Perspectives Newsletter for Retired and DROP Members.
Non-Medicare Subsidy Increase
Update: The Board approved a six percent increase to the non-Medicare health subsidy.
Board Review Of Retiree Health Plans And Subsidy Program
UPDATE: As of November 1, 2018, the Board has approved contracts between LAFPP and Los Angeles Firemen’s Relief Association (LAFRA), Los Angeles Police Relief Association (LAPRA), United Firefighters of Los Angeles City (UFLAC), and Los Angeles Police Protective League (LAPPL). The new contracts formally establish LAFRA, LAPRA, UFLAC, and LAPPL as Board-approved Health and/or Dental Plan Sponsors. The contracts are effective immediately and are for a 5-year term.
Board Review of Retiree Health Plans and Subsidy Program
Update as of 6/21/18: The Board discussed the status of pending contracts between LAFPP and LAFRA, LAPRA, UFLAC and PPL.
Board Adopts 7.25% Rate of Return
On June 1, 2017, the Board of Fire and Police Pension Commissioners approved the Plan actuary’s recommendation to lower the investment return assumption from 7.50% to 7.25%. This action will help ensure the long-term viability of the Plan to properly fund the benefits for members.
Results of the Active Fire Board Member Election
Commissioner Ruben Navarro will serve the term of office from July 1, 2017 until June 30, 2022. Congratulations Commissioner Navarro!
Verify the Status of Your Pension Savings Plan Contributions
If you were in the Drill Tower or Police Academy training in 1994 to the present, you made mandatory contributions to the City’s Pension Savings Plan for part-time, seasonal and temporary employees.
March 2017 Active/DROP Member Newsletter
Pension Perspectives Newsletter for Active and DROP Members.
Member Alert Regarding Alleged Predatory Pension Loan Businesses
Persons receiving monthly pensions, including LAFPP retired members, may be targeted by salespersons offering immediate cash in exchange for rights to future retirement or disability retirement payments.
New Mural Proposed for the Neptune Building
A new mural titled, “Bloom” will be painted by the artist Hueman on Neptune Building’s east-facing wall. The mural will commemorate Joel Bloom, a pioneering community activist who dedicated his personal time and energy over twenty years into creating the Arts District.
Your 2016 Benefit Statement is Now Available!
Active members, log in to MyLAFPP to view and/or print your 2016 Annual Benefit Statement.
Public Notice – Mural Proposal Meeting
A Mural Proposal Meeting will be taking place on March 28, 2017 at 6:30 p.m., at LAFPP Headquarters, 701 E. 3rd Street, STE 400.
Rockefeller Institute Published Report of Los Angeles Fire and Police Pensions
A new Rockefeller Institute pension model report on the Los Angeles Fire and Police Pension Plan (LAFPP) found that “LAFPP is much better funded than most public pension plans with a funded ratio of 91%” and is well positioned financially given the conservative amortization policies and contribution policy by the City of Los Angeles.
Fire Department Employee Member of the Board Election – Notice of Intent
A general election to select the Fire Department Employee Member of the Board of Fire and Police Pension Commissioners (Board) is scheduled on Tuesday, April 25, 2017.
2016 Annual Report
LAFPP is pleased to present the 2016 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, 2016.
Dallas Freezes Deferred Retirement Option Plan (DROP) Withdrawals
Update as of 3/15/17 – The Dallas Police and Fire Pension Board of Trustees (DPFP) released a statement that a revised DROP policy was adopted on January 17, 2017.
Pension Funded Ratio Increases to 93.9%
Based on the actuarial report for the period ending June 30, 2016, the pension benefit funded ratio has increased from 91.5% to 93.9%.
Medicare Part B Premium Reimbursement for 2017 – ACTION REQUIRED
If you are currently eligible to receive a reimbursement for your Medicare Part B premium, you will need to provide LAFPP with documentation indicating how much you will pay for your Part B premium in 2017 in order for us to apply the correct reimbursement amount in your pension check.
November 2016 Active/DROP Member Newsletter
Pension Perspectives Newsletter for Active and DROP Members.
2017 Health & Dental Subsidy Updates
Effective January 1, 2017, the maximum Medicare Health Subsidy will increase to $505.93, and the Dental Subsidy will increase to a maximum of $44.60.
2016 Annual Member Survey Highlights
Check out the results from the 2016 Annual Member Survey!
LAFPP Receives the Rich Chicotel Award
Los Angeles Fire and Police Pensions (LAFPP) is honored to receive the Rich Chicotel Award from the Pension Real Estate Association (PREA) this year. The award is named in honor of the late Rich Chicotel, who was the chief financial officer of Shorenstein Properties, one of the country’s oldest real estate organizations, and an LGBT philanthropist active in various LGBT causes and fundraising activities. In 2007, he was named by the San Francisco Business Times as the San Francisco Bay Area CFO of the Year for privately-owned companies.
Retroactive Health Subsidy Payments for Retired Members
The maximum retiree health subsidy for Fiscal Year 2015-2016 has been retroactively increased from $1,435.13 to $1,438.49. On May 5, 2016, the Board of Fire and Police Pension Commissioners approved the additional 0.25% increase to take effect July 1, 2015. This increase will result in an additional subsidy of up to $3.36 per month.
Election of Board Officers
On July 21, 2016, the Board elected Commissioners Pedram Salimpour, MD and Ruben Navarro as the new President and Vice President, respectively.
DROP Semi-Annual Statements as of June 30, 2016 Now Available!
Log in to MyLAFPP to view this statement.
Parking Now Available for LAFPP Members
LAFPP now offers on-site parking with validation for our LAFPP members conducting business with staff at our offices located at 701 E. 3rd Street.
June 2016 Retired/DROP Member Newsletter
Pension Perspectives Newsletter for Retired and DROP Members.
Sam Diannitto Boardroom Dedication
On May 19, 2016, the Board of Fire and Police Pension Commissioners (Board) formally dedicated the Boardroom in the new LAFPP office building to Sam Diannitto.
Important Information for LAFPP Retirees Filing as California Tax Filers
Update as of 6/14/2016
2015 Active Member Annual Statements
Active members in Tiers 2 – 6 can now log in to MyLAFPP to view and/or print their 2015 Annual Active Member Statement.
February 2016 Active/DROP Member Newsletter
Pension Perspectives Newsletter for Active and DROP Members.
2015 Annual Report
As of June 30, 2015, the System’s assets totaled over $18.72 billion, while serving over 25,000 members, including 11,709 active members, 1,359 DROP members and 12,593 retired members and beneficiaries.
Dealing With Market Ups and Downs
In light of recent market volatility, it’s only natural to be concerned about your personal financial circumstances – especially your retirement plan. But during periods in which the stock market falls sharply, we sometimes need a reminder of our Plan’s assets and the investment strategy the LAFPP Board has put in place.
Los Angeles Fire and Police Pensions is Moving to a New Location
LAFPP is open for business at our new location. The new address is 701 East 3rd Street (NE corner of East 3rd Street & Alameda Street) in the downtown Arts District.
Important Changes Regarding Medicare for 2016
The maximum monthly Medicare Health Insurance Subsidy for LAFPP pensioners enrolled in Medicare Parts A and B is decreasing by $35.54 in 2016.
Protect Your Online Identity
Take preventative steps to protect your personal & sensitive information.
Pension Funded Ratio Increases To 91.5%
Based on the recent actuarial report completed by the System’s actuary, the pension benefit funded ratio has increased from 86.6% to 91.5%. The combined funded ratio for pension and health benefits is 85%, up from 80.8% the previous year. This marks the second consecutive year that the combined funded ratio has increased for the System.
October 2015 National Retirement Security Resolution – City of Los Angeles Deferred Compensation Plan
Each October the United States Congress adopts a resolution to help raise public awareness about the importance of preparing for a secure retirement. This annual event provides an opportunity for our active and retired members to reflect on how they can create and maintain retirement security.
Important Change in Tax Law Regarding DROP & Your Deferred Compensation Plan Account
Good news! Recent changes to the Internal Revenue Code now provide a waiver of the existing 10% penalty tax on early distributions of Deferred Retirement Option Plan (DROP) funds rolled over to your Deferred Compensation Account.
Pension Reform Initiatives for 2016
UPDATED 1/26/16: The Voter Empowerment Act of 2016 would change how California state and local government employee compensation and retirement benefits are determined.
August 2015 Retired/DROP Member Newsletter
Pension Perspectives Newsletter for Retired and DROP Members.
Election of Board Officers
Each year, the Board of Fire and Police Pension Commissioners elect its Officers of the Board during the last meeting in July. On July 16, 2015, the Board elected Commissioners Robert von Voigt and Pedram Salimpour as the new President and Vice President, respectively.
Recent Commitments to the Emerging and Diverse Manager Program
LAFPP recently selected seven new emerging managers in the fixed income, large cap, small cap and micro cap asset classes, based on multiple searches initiated over the past year.
June 2015 Active/DROP Member Newsletter
Pension Perspectives Newsletter for Active and DROP Members.
Active Police Board Member Election Results
Commissioner von Voigt received 96.67% of the vote and will serve the term of office from July 1, 2015 until June 30, 2020.
Retired Fire Board Member Election Results
The term of the Board’s Fire Department Retired Employee Member, Commissioner Sam Diannitto, ends on June 30, 2015. An election was held on March 31, 2015 for this position. A candidate needs the majority of all votes cast (i.e. at least 50% plus one of the votes returned) in order to win the election. Commissioner Diannitto received 91.38% of the vote and will serve the term of office from July 1, 2015 until June 30, 2020.
Congratulations Commissioner Diannitto!
2015 COLA Update
The Cost of Living Adjustment (COLA) effective July 1, 2015 is +0.1%
Update as of 4/2/2015
The Cost of Living Adjustment (COLA) effective July 1, 2015 is +0.1% and all eligible pensions will be adjusted accordingly beginning with the pension payment dated July 31, 2015.
2014 Annual Report
As of June 30, 2014, the System’s assets grew to over $15.75 billion on a market basis, while serving over 25,600…
February 2015 Retired Newsletter
Pension Perspectives Newsletter for Retired Members.
Anthem Security Breach
Anthem security breach Healthcare provider Anthem, Inc. announced on February 3, 2015, that they are investigating a major breach of their information systems.
December 2014 DROP Member Statements Are Available!
To view your DROP Semi-Annual Statement for the period ending December 31…