Category: Newsroom

Election of 2023-2024 Board Officers

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Each year in July, the Board of Fire and Police Pension Commissioners elects its Officers of the Board to serve one-year terms. On July 20, 2023, the Board elected Sumi Parekh as President and Garrett Zimmon as Vice President.

As President, Commissioner Parekh will exercise the following duties:

  • Approve the Board agenda; preside at all Board meetings, ensure that meetings are conducted in an efficient manner and in accordance with the City Charter and Administrative Code, applicable public meeting laws, and relevant Board policies;
  • Determine who will act as spokesperson for the System should the need arise; and,
  • Approve the travel expenses incurred by the General Manager and the Board.

As Vice President, Commissioner Zimmon will assume the duties of the Board President when the President is absent or if the President should delegate the Vice President to act. The Vice President will also assume the duties of the President if the President becomes unable to carry out their duties.

Congratulations to Commissioners Parekh and Zimmon as they begin their new roles with the Board!

New CIO Announcement

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Los Angeles Fire and Police Pensions (LAFPP) is pleased to welcome new Chief Investment Officer Bryan Fujita. After an extensive search for a new Chief Investment Officer (CIO) by EFL Associates, General Manager Joseph Salazar selected Mr. Fujita as the new CIO replacing Ray Joseph, who resigned from LAFPP in May 2022.

Bryan will lead LAFPP’s investment team managing nearly $30 billion in assets. He brings over 22 years of both public and private investment experience to LAFPP, serving the last 10 years as the Deputy Chief Investment Officer at the Los Angeles City Employees’ Retirement System.

Mr. Salazar shared, “I am delighted to welcome Bryan to our executive team and am confident that he will enhance LAFPP’s Investment Program amidst a constantly evolving economic environment, with the ultimate goal of serving and protecting the retirement benefits of the Plan’s public safety members.”

Previously, Mr. Fujita served as Corporate Treasury Associate at the Walt Disney Company, managing equity and fixed income investments of the company’s then $4.5 billion pension fund. He also served as Client Banking Investment Executive and Assistant Vice President of Wealth Management at Wedbush Securities, managing investment portfolios for high net worth clients.

About LAFPP

Los Angeles Fire and Police Pensions is dedicated to administering the defined benefit retirement plan for all sworn (Fire, Police, and certain Port Police and Airport Police) employees of the City of Los Angeles. The fund is currently valued at over $29.4 billion in assets and serves over 26,600 members and beneficiaries.

EFL Associates

Daniel Cummings of EFL Associates assisted LAFPP in the nationwide search for the CIO.

Commissioner Raul Perez Re-Appointed to the Board

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Effective July 1, 2023, Commissioner Raul Perez was re-appointed by Mayor Karen Bass and confirmed by the City Council to serve a new five-year term ending June 30, 2028. Commissioner Perez was first appointed to the Board of Fire and Police Pension Commissioners by former Mayor Antonio Villaraigosa and served on the Board between September 2009 and April 2013. He was recently appointed by Mayor Karen Bass in March 2023 to serve the unexpired term of a former Commissioner.

Congratulations on your re-appointment, Commissioner Perez and thank you for your continued service!

Additional information on all current Commissioners may be found on our website at: www.lafpp.com/commissioners

LAFPP ANNUAL RETURN

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LAFPP is reporting a return of 32.56% for the fiscal year ending June 30, 2021, with assets totaling over $30.7 Billion.

The 32.56% return exceeded LAFPP’s target allocation index of 29.97% by 259 basis points. Investment returns were led by LAFPP’s strong performance in the domestic equities and international equity markets, which generated returns of 46.54% and 40.00%, respectively.

The 32.56% return is above the Fund’s actuarial assumed rate of return of 7.00%, which is the long-term return required to meet current and future obligations for members. Over the longer term, LAFPP’s performance has outperformed its benchmark and ranks in the top quartile versus peers over the three-, five-, seven-, and ten-year periods.

LAFPP’s 10-year investment return is 9.95%, and the 20-year return is 7.91%. LAFPP has a long-term investment horizon and uses an asset allocation encompassing a long-term strategic perspective of the capital markets.

LAFPP is one of the largest public safety pension funds in the United States. 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.

Commissioner Sumi Parekh Appointed to the Board

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Effective September 14, 2021, Sumi Parekh was appointed by Mayor Eric Garcetti and confirmed by the City Council to serve the remaining term ending June 30, 2024 for the seat vacated by former Commissioner Corinne T. Babcock. This is Commissioner Parekh’s first appointment to the Board of Fire and Police Pension Commissioners.

Congratulations on your appointment, Commissioner Parekh!

June 2021 DROP Semi-Annual Statements – Now Available in MyLAFPP!

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DROP Participants! View your DROP Semi-Annual Statements in MyLAFPP. 

You may now view and/or print your 2021 DROP Semi-Annual Statement for the period ending June 30, 2021 in MyLAFPP. This statement summarizes your individual DROP account balance, monthly pension deposits, ITD (inception-to-date) interest, and mandatory exit date.  

To view your statement, take the following steps: 

  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. 

If you have questions concerning your statement, contact the DROP/Service Pensions Section at dropsp@lafpp.com or call (213) 279-3100.

Stay Connected with LAFPP

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At LAFPP, we strive to provide the best service to our members who dedicate their careers and risk their lives to protect the people of Los Angeles.

We have several ways you can find information and engage with us:

  1. Call our offices Monday through Friday, 7:30 a.m. – 4:30 p.m. For a full list of contact information, please visit our Section Services Directory
  2. Send an email to pensions@lafpp.com or a message through our Send a Message feature on our website. We will respond to you within one business day.
  3. Attend a free virtual webinar! LAFPP offers a series of webinars designed to fit within your busy schedule. These informative sessions will get you on the path to understanding your benefits and assist you with your overall financial plan. Staff is available during all webinars to answer any questions you may have regarding your pension benefits. For more information and upcoming dates, please visit our Seminars & Workshops page.
  4. LAFPP provides virtual group counseling sessions for members who are entering or exiting DROP, or retiring on a service pension. Here are 6 Key Benefits of Virtual Counseling.
  5. Log in to MyLAFPP to access your personal benefit information. Members have access to the following:
    • Active and DROP Members – Calculate Retirement and DROP Estimates, Update your Beneficiary, Calculate the cost to purchase your Recruit Training Time or Public Service Purchase, and more!
    • Retired Members – View your pension benefit and health subsidy information, Request a Pension Verification Letter, Update your Address, Direct Deposit Information, and Tax Withholding elections.

Follow us on social media for the latest news, updates, and reminders.

Our website is full of resources and guides to assist with finding information and answering the most frequently asked questions.