Month: June 2021

DROP Participants who are exiting, there is now a new feature available to you!

You now have the option to have your DROP funds rollover via wire transfer, for a minimal fee (currently $35 per wire transfer). Your rollover funds will reach your financial institution at a much faster rate. Please consult with the financial institution where you plan to rollover your DROP funds for details. They can advise you whether they can accept wire transfers.

If you are also taking a lump sum payment, that amount will be direct deposited into your account.

If you have questions, please contact the DROP/Service Pensions Section by phone at (213) 279-3100 or by email at dropsp@lafpp.com.

Available in MyLAFPP!

Active members! View your 2020 Annual Member Statement in MyLAFPP.

View and/or print your 2020 Annual Statement online. This statement summarizes your individual pension-related information as of December 31, 2020, including service credit, pension estimates (if eligible to retire), contributions and interest, spouse or domestic partner information, and beneficiary designation.

Follow these steps to access your statement:

1. Log in to MyLAFPP. 
2. Click on Forms & Correspondence.
3. Click on Statements.
4. Click on the word “Document” next to the paperclip symbol. Your statement is provided in a PDF format.

If you have not signed up or have questions regarding MyLAFPP, please visit our MyLAFPP Help Desk.

For questions concerning your statement or copies of your Annual Statements for years prior to 2018, please contact the Active Member Services Section at (213) 279-3140 or by email at amssection@lafpp.com.

The City of Los Angeles Retirement Incentive Pay (RIP) is a program developed by the City and sworn labor unions to allow sworn employees who are retiring or entering DROP to include deferred salary increases as part of their pension benefit calculation or to apply toward their accrued leave (sick/vacation/overtime) payout at the time of retirement. 

To read about the details of the program, the CAO has created a website where you can find the FAQ and supporting documents. Please visit the site at:
https://cao.lacity.org/RIP/

LAFPP does not administer the RIP program. For any questions regarding the RIP program, please visit the website above, contact your union, or send an email to CAO representatives at RIP.CAO@lacity.org. For any questions regarding how the RIP bonus may affect your pension, please contact the DROP/Service Pensions Section at (213) 279-3100 or via email at dropsp@lafpp.com.

Despite the global challenges of the past year, LAFPP’s assets under management now exceed $30 billion. This turnaround is remarkable given the market volatility over the past year. As of June 1, 2021, the unaudited market value of the fund is over $30 billion, which is up from $22.5 billion just one year ago. Since May 2020, assets have grown approximately 33.4% during the one-year period.

Tom Lopez, Chief Investment Officer, stated, “The investments in domestic stocks were the main driver of the significant increase. It has been a remarkable 12 months in terms of market volatility.”

“Congratulations on our retiring CIO, Tom Lopez on achieving this milestone that will pay dividends to our retirees for decades to come.” said Board President Brian Pendleton.

Although pleased with the fund’s positive performance, the Board and staff will continue to monitor your pension fund, which is invested for the long term. There is a strategic asset allocation plan in place with ongoing adjustments to manage periodic fluctuations.

We are committed to our first responders, both past and present, who protect and serve the residents of Los Angeles. For any questions or concerns, please contact us at (213) 279-3000, (844) 88-LAFPP, or at Pensions@lafpp.com

LAFPP continues to be one of the largest public safety pension funds in the U.S. The Plan administers retirement and health subsidy benefits for nearly 27,000 current and retired public safety employees and their beneficiaries for the City of Los Angeles.

Los Angeles Fire and Police Pensions (LAFPP) is excited to welcome new Chief Investment Officer Ray Joseph. After an exhaustive search for a new Chief Investment Officer (CIO) by Korn Ferry, General Manager Ray Ciranna selected Mr. Joseph as the new CIO replacing Tom Lopez, who is retiring after over 40 years with LAFPP.

Ray will lead LAFPP’s investment team in managing over $30 billion in assets. He brings over 25 years of both public and private investment experience to LAFPP after serving in numerous investment positions and companies. 

“I am thrilled that Ray will be leading the team” Mr. Ciranna said. “He brings a wealth of knowledge and I look forward to him building on the success of our strong investment program.”

Previously, Mr. Joseph served as vice president at Wilshire Associates, providing investment strategies and solutions for pension plans, endowments, foundations and family offices. His public experience includes his position as Principal Deputy Special Trustee (Chief Investment Officer) for the Office of the Special Trustee within the U.S. Department of Interior, managing $4.3 billion in assets for 566 American Indian Tribes and $1.0 billion for the U.S. Treasury Department. He also served as the Deputy Director (Deputy Chief Investment Officer) and the Acting Director (Chief Investment Officer) for the State of New Jersey’s Division of Investment, where he oversaw pension investments, deferred compensation plans, and the State of New Jersey’s Cash Management program. 

About LAFPP

LAFPP oversees the pension fund for the sworn members of City of Los Angeles Fire, Police, Airport and Port departments. The fund is currently valued at over $30 billion in assets and serves nearly 27,000 members and beneficiaries.

About Korn Ferry

Michael Kennedy of Korn Ferry assisted LAFPP in the nationwide search for the CIO.

Korn Ferry is a global organizational consulting firm that specializes in executive management searches, bringing people and organizations together to exceed their potential.