Month: October 2017

LAFPP welcomes Commissioner Kenneth Buzzell, the newly-elected Fire Department Retired Employee Member of the Board of Fire and Police Pension Commissioners! On October 5th, Commissioner Buzzell will be sworn-in at the Board meeting and fulfill his fiduciary responsibilities as a Board member.  

In September 2017, a special election was held to fill the vacancy created by former Commissioner Sam Diannitto, who retired from the Board after 42 years of unwavering service to System members. Commissioner Buzzell will serve the remaining 27 months of a 5-year term ending June 30, 2020.

Commissioner Buzzell retired from the Los Angeles Fire Department as a Fire Captain II, after 32 years of service. He served on the boards of the United Firefighters of Los Angeles City (UFLAC), Local 112; the International Association of Fire Fighters (IAFF); the Los Angeles Retired Fire and Police Association (LARFPA); and the National Conference on Public Employee Retirement Systems (NCPERS). 

Welcome Commissioner Buzzell and congratulations on your election!

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.

The double-digit return earned during this fiscal year was led by LAFPP’s strong performance in the domestic and international equity markets, which generated returns of 19.30% and 22.90% respectively.

The 13.27% return is well above the Fund’s actuarial assumed rate of return of 7.25%, which is the long-term return required to meet current and future obligations for members. Our 10-year investment return is 5.55%, and the 20-year return is 7.28%. We have a long-term investment horizon and use an asset allocation which encompasses a strategic long-term perspective of the capital markets.

LAFPP is one of the largest fire and police pension funds in the U.S. This retirement system administers retirement and health subsidy benefits for nearly 26,000 current and retired public safety employees and their beneficiaries for the City of Los Angeles. More information is available at About LAFPP.

The Los Angeles City Council (City Council) and the Los Angeles Fire and Police Pensions Board of Commissioners (Board) have approved changes to the Health Insurance Premium Reimbursement (HIPR) program which may impact your eligibility for participation, and subsidy reimbursement for expenses incurred, as of April 1, 2017. 

Participation Requirement Updates:  If you are a California resident, you may now be eligible to participate in the HIPR program and receive reimbursements for their health insurance coverage costs.  HIPR participants are no longer required to reside more than three months outside of a LAFPP-approved HMO authorized service area. 

Additionally, if you are the eligible dependent enrolled in another subscriber’s health plan, you may be eligible for reimbursements through the HIPR program.  Members are no longer required to be the primary subscriber of their health insurance plan. 

Subsidy Eligibility Update:  Retired members who are participating in the HIPR program and are enrolled in Medicare Parts A & B are now eligible to receive additional subsidies for their eligible dependents (spouse or domestic partner and/or children under the age of 26).  Reimbursement for dependent coverage may be requested if the eligible dependent is   enrolled in:

• The retiree’s own Medicare health plan, or
• A health insurance plan that is issued by the same provider as the member’s plan (e.g., Anthem Blue Cross, Kaiser, AARP, etc.).

Members who are currently enrolled in a non-Medicare health insurance plan or a health plan sponsored by Los Angeles Police Relief Association (LAPRA), Los Angeles Firemen’s Relief Association (LAFRA), United Firefighters of Los Angeles City (UFLAC), or LAFPP, are already eligible for subsidy benefits towards their eligible dependent coverage and are not affected by this change.

LAFPP continues to seek opportunities to enhance the health plan options available to you as an LAFPP member. If you have any questions, please contact the Medical & Dental Benefits Section at (844) 88-LAFPP (52377), or (213) 279-3115.

The 2017 Annual Member Survey was conducted in May and over 1,500 members participated. The survey covered a variety of services to evaluate and provided the opportunity to enter suggestions for the website, newsletters, MyLAFPP and most importantly, how to provide better service to our members. Click on the link below for survey highlights.