On January 23rd, LAFPP’s Susan Liem of the Investments Division joined a “fireside chat” hosted by The Institute for Diversity and Inclusion in Finance (IDiF). This virtual event included a discussion on LAFPP’s private equity Specialized Manager program. Susan was joined by Kirk Sims, Head of the Emerging Manager Program at Teachers Retirement System of Texas.
The Institute for Diversity and Inclusion in Finance (IDiF)’s mission is to expand access to institutional capital and amplify efforts to increase diversity in the finance industry. The organization partners with investment firms, academics and regulators to advance its mission through education and alliances. IDiF has monthly virtual events that bring together investment practitioners and thought leaders together for discussions on various DEI related investment topics. For more information on IDiF or register for future events, please visit www.idif.org.
As you prepare to file your taxes, below are a couple of options for obtaining your 2023 Form 1099-R tax information:
Available online beginning January 31, 2024
You may view and/or print a copy of your 1099-R tax form by logging into your MyLAFPP portal. See below for a tutorial on how to access MyLAFPP.
Mailed on January 31, 2024
If you prefer to wait for a hard copy of your 1099-R tax form, it will be mailed to your address on file via U.S. mail on January 31, 2024. Please allow up to 10 business days to receive your 1099-R by mail. If you have not received your 1099-R form by February 15, 2024, please contact the Accounting Section at (213) 279-3040, (844) 88-LAFPP ext. 3040, or via email at accounting@lafpp.com to request a copy.
FAQs
MyLAFPP tutorial how to download your 1099-R
Important: In order to access your information, you must first register to the MyLAFPP member portal. Please refer to the Register to MyLAFPP manual located in our MyLAFPP Helpdesk.
STEP 1: Log in to MyLAFPP. Enter your username and password, then click Log In.
Important: Usernames and Passwords are case sensitive.
STEP 2: Click on “Forms & Correspondence”
STEP 3: Click “Statements”
STEP 4: Click “Document” to Open or Download Your Form 1099R
Some members may receive more than one 1099-R tax form in a year. Here are some possible reasons why:
You exited DROP and received the proceeds of your DROP account via a rollover, a lump-sum cash distribution, and received at least one monthly pension check in the same year. In this case you would receive a total of three 1099-Rs. One 1099-R for the DROP rollover (Distribution Code G), one 1099-R for the DROP lump-sum (Distribution Code 1, 2 or 7), and one 1099-R for monthly pension payments (also Distribution Code 1, 2 or 7).
You have a non-tax dependent covered on your LAFPP-subsidized health insurance plan (e.g., domestic partner or child of a domestic partner). This 1099-R would have a Distribution Code 9.
Your IRS tax distribution code changed during the year (i.e., when member attains age 59 ½ by June of the same year). You would receive two 1099-Rs, one for when you were under 59.5 years old (Distribution Code 2) and another for when you were over 59.5 years old (Distribution Code 7).
You received pension payments based on your City service and from a qualified domestic relations order (QDRO) (Distribution Code 2 or 7) or as a beneficiary (Distribution Code 4).
Reminder: if you were an active employee at any time during 2023, you will also receive a W-2 tax form from the City of Los Angeles.
What does each box represent on the 1099-R?
Need to make changes to your income tax withholdings?
Make them electronically through the MyLAFPP portal! You can make changes in 6 easy steps:
Fill in all the information, even if you are only changing either Federal or State of California withholdings.
Click Submit
Click here for an animated tutorial of the steps above.
Important Note: In addition to Federal taxes, LAFPP is responsible for tax withholding only in the State of California. Since LAFPP does not have an operating business presence in other states, we do not offer tax withholding for states other than California. If you reside outside the State of California, no state taxes will be withheld. The State tax withheld (Box 14) and State distribution (Box 16) on your Form 1099-R will be populated with $0.00.
Tax year 2023 1099-Rs: The State/Payer’s State No. (Box 15) will continue to reflect the LAFPP Tax ID CA/800-7968-4 regardless of your state of residence. Box 15 is an administrative 1099-R field for California payers.
For questions, please contact the Retirement Services Section at (213) 279-3125 or (844) 88-LAFPP, ext. 3125.
Based on the actuarial report for the period ending June 30, 2023, the combined funded ratio for pension and health benefits is 96.8%, up from 95.0% the previous year. This marks the sixth consecutive year that the combined funded ratio has increased for the System. The pension benefit funded ratio is now 99.5%, up from 98.0%, and the retiree health benefit funded ratio increased from 74.3% to 77.7%. The favorable results indicate that the Plan remains strong despite another volatile year marked by the continuing high inflation and financial market volatility.
Every year a valuation of the LAFPP fund is performed by the Board’s actuary. The valuation reviews the System’s assets and liabilities and establishes the City’s (including the Harbor and Airport Departments) contribution to the fund for each fiscal year. The City’s combined contribution rate for July 15, 2024, will decrease by 1.90% of sworn payroll, from 40.41% to 38.51%. The contribution rate decrease is due to a higher than expected return on the valuation value of assets (after smoothing) and changes in assumptions, partially offset by higher than expected COLA increases for retirees and beneficiaries and higher than expected salary increases for active members. The overall unfunded liabilities have decreased from $1.5 billion to $975 million.
The actuarial valuation reports can be found on the Financial Reports page of our website.
