Month: August 2018
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.
He served on the Los Angeles Fire and Police Pension Board for 42 years as both an active and retired Fire Department member commissioner. Commissioner Diannitto was first elected to the Board in 1972 by members of the Fire Department as the Active Fire Commissioner and served for 25 years (five terms). When the City Charter was changed to allow two retired members to serve on the Board, Commissioner Diannitto was easily elected and on July 1, 2000, he began his first term as the Retired Fire Commissioner. He was re-elected to serve three more terms but announced his early retirement from the Board in October 2017.
Prior to his retirement, the Board formally dedicated the Fire & Police Pensions’ Boardroom to Commissioner Diannitto in October 2016. He was honored by his family, fellow members, LAFPP staff and other stakeholders from the affiliated unions and associations of both LAPD and LAFD.
Sam Diannitto leaves behind a legacy of leadership and dedication to the sworn members of LAFPP. We send our deepest condolences to his family and friends.
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.
He served on the Los Angeles Fire and Police Pension Board for 42 years as both an active and retired Fire Department member commissioner. Commissioner Diannitto was first elected to the Board in 1972 by members of the Fire Department as the Active Fire Commissioner and served for 25 years (five terms). When the City Charter was changed to allow two retired members to serve on the Board, Commissioner Diannitto was easily elected and on July 1, 2000, he began his first term as the Retired Fire Commissioner. He was re-elected to serve three more terms but announced his early retirement from the Board in October 2017.
Prior to his retirement, the Board formally dedicated the Fire & Police Pensions’ Boardroom to Commissioner Diannitto in October 2016. He was honored by his family, fellow members, LAFPP staff and other stakeholders from the affiliated unions and associations of both LAPD and LAFD.
Sam Diannitto leaves behind a legacy of leadership and dedication to the sworn members of LAFPP. We send our deepest condolences to his family and friends.
Access To Drop Funds Reminder!
You don’t have to wait to collect your DROP funds from Deferred Compensation. If you rolled over, or plan to roll over, your DROP funds into the City’s Deferred Compensation Plan, you are eligible to take distribution of those funds without tax penalty, if you are at least age 50. This also applies to distributions taken directly from LAFPP.
The tax code was changed in 2016 to eliminate the 10% tax penalty on funds withdrawn before age 59½. You should keep in mind that you may incur a tax liability upon distribution.
We recommend that you consult with your tax and/or financial advisor if you have any questions regarding your personal situation.
LAFPP Reports a Return of 9.91% for the Fiscal Year Ending 2017-18
LAFPP is reporting a return of 9.91% for the fiscal year ending June 30, 2018. LAFPP assets totaled $22.32 billion at the end of the fiscal year. Investment returns were led by LAFPP’s strong performance in the domestic and international equity markets, which generated returns of 16.38% and 8.11% respectively.
The 9.91% return is 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 7.06%, and the 20-year return is 6.92%. 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 public safety pension funds in the U.S. The Plan administers retirement and health subsidy benefits for over 26,000 current and retired public safety employees and their beneficiaries for the City of Los Angeles. More information is available at About LAFPP.