Month: April 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.  The COLA will be effective July 1, 2018, and all eligible pensioners and DROP participants will receive an increase accordingly, beginning with the pension payment dated July 31, 2018.  

• Tiers 1 and 2 will receive 3.6%.
• Tiers 3 through 6 and DROP will receive 3.0%*; and
• Tiers 5 and 6 will have the additional 0.6% stored in a COLA bank.

*For new pensioners or DROP entrants (excluding Tier 2 DROP entrants), the first year’s COLA is prorated based on the number of completed months since the effective pension date, and may not receive the full 3.0%.

How does this affect LAFPP Pensioners?

This is an example of how a monthly pension benefit of $5,686 would be affected by this year’s COLA of 3.6%:

For Tiers 1 and 2

If 3.6% of $5,686 = $204.70

($5,686 x 0.036)

Then the monthly pension benefit would be increased to $5,890.70.

($5,686 + $204.70)

For Tiers 3 through 6 and DROP

If 3.0% of $5,686 = $170.58

($5,686 x 0.030)

Then the monthly pension benefit would be increased to $5,856.58.

($5,686 + $170.80)

Tiers 5 and 6 will receive a 0.6% in their COLA bank.

New Geographic Area

The COLA is based on the annual change in the Consumer Price Index (CPI), as published by the Bureau of Labor Statistics (BLS).  In January 2018, the BLS introduced new geographic area samples for the CPI. The 2018 COLA was calculated using a 12-month period from March 2017 through February 2018, based on the new Los Angeles-Long Beach-Anaheim area sample.

For questions regarding the COLA, please contact the Retirement Services Section at (213) 279-3125 or (844) 88-LAFPP, ext. 93125.  For detailed information on the calculation of the CPI, please visit the BLS website at http://www.bls.gov/cpi/ or call (202) 691-7000.

Active members! Your 2017 Annual Active Member Statements are available in MyLAFPP. Members in Tiers 2 – 6 can now log in to MyLAFPP to review and/or print your statements. MyLAFPP can be accessed on the homepage of www.lafpp.com.

Once logged in, simply click on the link in the Online Paper Statement box and then select the year of your choice. This statement summarizes your individual pension-related information, pension estimates (if eligible to retire), contributions and interest, domestic partner information and beneficiary designation as of December 31, 2017.

For questions concerning your statement, contact the Active Member Services Section at (213) 279-3140.

REMINDERS WHILE VISITING LAFPP OFFICES

It is LAFPP’s goal to provide a secure environment for all LAFPP employees and visitors and to make our offices accessible to you.  If you have an upcoming appointment or need to stop by, please note the following to plan your visit.

Identification Required to Enter Building

Any person entering the LAFPP offices must present a driver’s license or other form of government-issued picture ID. Anyone without a valid form of identification will not be allowed to enter into the LAFPP offices.  This includes any guests you may bring with you.

Parking Available for LAFPP Business

On-site parking with validation is available to our LAFPP members (active/retired members, spouses, domestic partners, children, etc.) conducting business with staff at our offices located at 701 E. 3rd Street.  LAFPP members visiting our offices will be validated at the following two parking lots:

Lot 1: Adjacent to the LAFPP building – entrance is on 3rd St.  If there is no parking available, you will be directed to Lot 2

Lot 2: 300 Central Street (when Lot 1 is full). This lot is not owned by LAFPP but will accept our validation. At this lot you will have to pay $5 upfront that will be returned with a validated ticket.

• When parking in either lot, please inform the attendant that you will be visiting the LAFPP offices.
• All visitors should be prepared to leave the keys to their vehicle with the parking attendant, due to space issues. If this is not an option for you, metered street parking is an alternative.  Click this link for a map of other lots in the vicinity (no validation).
• After you have finished conducting your LAFPP business, parking validation to cover the duration of your visit will be provided at the 2nd floor reception desk. Validation is only available for Lots 1 and 2 specified above. For any questions, please contact us at (213) 279-3000.