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Month: February 2024
LAFPP’S 2023 ANNUAL REPORT IS NOW AVAILABLE!
LAFPP is pleased to present our 2023 Annual Report. This report provides financial information, such as the department’s budget summary, investment performance, asset allocation data, plan actuarial data, statistical information, and a summary of plan provisions for the fiscal year ending June 30, 2023.
Some of the highlights in this year’s report include:
- The System serves approximately 27,478 members, including active, DROP, deferred vested, and retired members and beneficiaries.
- Pension benefits were actuarially funded at 99.5% (change of +1.5%) and health subsidy benefits were funded at 77.7% (change of +3.4%). The combined funded status for pension and health benefits is 96.8% (change of +1.8%).
- System assets totaled $29.39 billion on a market value basis.
LAFPP continues to grow as an organization as we strive to be a leader and innovator in the public pension industry. The Board and staff are committed to prudent and sound investment strategies to grow and protect Plan assets over the long-term to secure the retirement benefits of our members.
In addition to this report, our historical annual reports, actuarial valuations, and financial statements are available on the Financial Reports page of our website.