Active members (excluding DROP participants) can now view your 2024 Annual Member Statement in MyLAFPP.
View and/or print your 2024 Annual Statement online. This statement summarizes your individual pension-related information as of December 31, 2024, including service credit, pension estimates (if eligible to retire), contributions and interest, spouse or domestic partner information, and beneficiary designation.
Active members! View your 2022 Annual Member Statement in MyLAFPP.
View and/or print your 2022 Annual Statement online. This statement summarizes your individual pension-related information as of December 31, 2022, including service credit, pension estimates (if eligible to retire), contributions and interest, spouse or domestic partner information, and beneficiary designation.
To commemorate this month we would like to spotlight Human, LAFPP’s mural artist, with a tribute to her and her murals from the last 10 years that can be found in and around Los Angeles.
LAFPP is pleased to present our2024 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, 2024.
Some of the highlights in this year’s report include:
The System serves over 27,000 members, including active, DROP, deferred vested, and retired members and beneficiaries.
Pension benefits were actuarially funded at 99.8% (increase of +0.3%) and health subsidy benefits were funded at 78.2% (increase of +0.5%). The combined funded status for pension and health benefits is 97.0% (increase of +0.2%).
System assets totaled $31.35 billion on a market value basis.
LAFPP continues to evolve as an organization as we strive to provide a secure and prosperous future for our members. The Board and staff are committed to prudent and sound investment strategies to grow and protect Plan assets over the long-term.
In addition to this report, our historical annual reports, actuarial valuations, and financial statements are available on the Financial Reports page of our website.
LAFPP is pleased to present our2023 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.
LAFPP provides an important link between your active work-life and retirement. Regardless if you’re a new member looking for information on your benefits or a veteran deciding on your retirement date, LAFPP remains prepared and committed to excellent customer service. We are available via email, phone, in-person and virtually!
WE ARE OPERATING NORMALLY AND READY TO ASSIST ALL OF OUR MEMBERS!
Skip the trip to the office and complete most of your tasks online or by phone. Our enhanced services are the fastest and most convenient way to do business with LAFPP. Whether you need quick information or detailed answers to your questions, we’re here to help you get more acquainted with your benefits – anytime, anywhere!
All services remain available to LAFPP members who need them. Read more about our enhanced services below:
Prefer to speak to a live person? Call us Monday-Friday from 7:30 a.m. to 4:30 p.m.
Knowledgeable specialists are available to answer any of your benefits questions!
Attend a FREE webinar! We have multiple offerings designed to fit within your busy schedule. Live hosts are ready to impart knowledge and answer your questions.
No need to take time off work or contend with traffic! View upcoming dates in our Seminars page.
LAFPP provides virtual group counseling sessions for members who are entering/exiting DROP or retiring on a service pension.
LAFPP.com is a treasure trove of information and provides tools to help you easily understand your benefits. Learn about Disability Retirement, the DROP Program, and Survivor Benefits from our Guides and Handbooks page. Gain valuable insights and updates from our Newsletters page. Prefer more detailed benefits information? Download a copy of your Summary Plan Description.
Our Learning Toolkit includes short videos and, for our new members, we have a Tier 6 New Member Walkthrough. Both of these tools provide the basics of your LAFPP Pension in an easy to follow format.
We understand that work and personal schedules are some of the biggest barriers to learning about your retirement benefits. However, advances in technology enable us to deliver more options easily and conveniently. Our enhanced services provide you with greater flexibility and access to your LAFPP benefits information – 24/7/365.
“Stop by” anytime and allow us the opportunity “to serve those who protect“.
Staff is available and ready to take your call during our normal business hours Monday-Friday from 7:30 a.m. to 4:30 p.m. (except on City holidays). In the event that you are unable to reach us during these hours, you may send us a message anytime via our “Contact Us” page or by sending an email directly to PENSIONS@lafpp.com.
LAFPP is pleased to present our 2022 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, 2022.
Some of the highlights in this year’s report include:
The System serves approximately 27,315 members, including active, DROP, deferred vested, and retired members and beneficiaries.
Pension benefits were actuarially funded at 98.0% (change of +1.2%) and health subsidy benefits were funded at 74.3% (change of +9.6%). The combined funded status for pension and health benefits is 95.0% (change of +2.5%).
System assets totaled $28 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.
As you prepare to file your taxes, here’s how to obtain your 2022 Tax Form 1099-R information:
Online beginning the week of January 31, 2023
You may view and/or print a copy of your 1099-R tax form by logging into your MyLAFPP portal. Click here to access your MyLAFPP portal.
Mailed on January 31, 2023
If you prefer to wait for a hardcopy of your 1099-R tax form, it will be mailed to your address on file via U.S. mail on January 31, 2023. 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, 2023, please contact the Accounting Section at (213) 279-3040 or (844) 88-LAFPP ext. 3040.
Some members may receive more than one 1099-R tax form in a year. Here are some of the possible reasons:
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 2), and one 1099-R for monthly pension payments (also Distribution Code 2).
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 as a beneficiary (Distribution Code 4).
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 your changes in 6 easy steps:
Fill in all the information. Please fill in all the information even if you are only changing either Federal or State of California withholdings.
Click Submit
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 2022 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.
MyLAFPP, our member self-service platform, will be undergoing routine maintenance. The site will be unavailable on Saturday, November 6, 2021 from 5:00 a.m. to 9:00 a.m.PST and access may be intermittent throughout the day.
We apologize for the inconvenience and thank you for understanding.
In January 2022, the Internal Revenue Service (IRS) released a new 2022 Form W-4P – Withholding Certificate for Periodic Pension or Annuity Payments and a new 2022 Form W-4R – Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.
Use of the new forms was optional for tax year 2022 but LAFPP is required to use them beginning January 1, 2023.
Note for California State Tax Withholding
The revised Form W-4P must be used for federal tax withholding only and may no longer be used for California state tax withholding. The California Franchise Tax Board has not updated its form, DE 4P – Withholding Certificate for Pension or Annuity Payments. As such, LAFPP has created a new form for pensioners to elect or make changes to California state tax withholding.
If you plan to submit changes to your federal and/or California state tax withholding, please adhere to the following guidelines:
The revised IRS Form W-4P for federal tax withholding and the new LAFPP California State Income Tax Withholding Form must be used to elect federal and California state tax withholding if effective on or after January 1, 2023.
Changes to federal tax withholding submitted electronically via MyLAFPP on or after December 16, 2022 will be submitted under the new Form W-4P, that is effective January 1, 2023.
FREQUENTLY ASKED QUESTIONS
Why did the IRS change the Form W-4P?
Prior to the updates, the old Form W-4P was used to withhold federal tax from both periodic payments (e.g., monthly pension payments) and nonperiodic payments (e.g., DROP lump sum payments). The IRS redesigned the Form W-4P and created a new Form W-4R to simplify withholding, make tax withholding more accurate, and to be consistent with the recent federal tax law changes.
Why can’t I enter the number of allowances on the Form W-4P?
The IRS removed the option to enter allowances to be consistent with current tax law. Instead, Form W-4P considers information that affects your taxable income. Note however that the form to elect California state tax withholding has not changed and still allows you to enter a number of allowances.
I am satisfied with my current tax withholdings. Do I have to submit a new form?
If you do not wish to change your federal and/or California state tax withholding, LAFPP will continue to withhold taxes according to the elections we have on file for you until you submit new elections.
What happens if I do not submit my tax withholding elections?
Beginning January 1, 2023, if there are no tax withholding instructions on file for you, LAFPP is required to withhold federal tax from your taxable monthly pension payment based on a filing status of Single with no adjustments.
In addition, if you are a resident of California, LAFPP is required to withhold California state tax from your taxable monthly pension payment based on a filing status of Married and three allowances.
What if I do not want taxes withheld from my pension payment?
If you are a California resident receiving a taxable pension payment and do not want California state tax withheld, you can select Option 1 on the LAFPP California Income Tax Withholding Form. Be sure to complete the personal information section and sign and date the form. For MyLAFPP submissions, you can select the “No Withholding” option from the “Tax Calculation Method” drop down menu in the “State Tax Instructions” section.
How can I update my tax withholding elections?
You may submit your tax withholding elections electronically by logging into MyLAFPP or you can submit the appropriate tax withholding paper form(s) to LAFPP:
Federal Tax Withholding: Please submit a completed and signed Form W-4P. The form is available for download from the IRS website at www.irs.gov/pub/irs-pdf/fw4p.pdf
Submissions received after the 15th of the month will become effective the following month.
How do I complete the new Form W-4P?
Please see the “General Instructions” section of Form W-4P for information on how to complete the form.
I’m not sure how much should be withheld for taxes each month. Can you assist me with filling out the Form W-4P?
LAFPP cannot offer tax or legal advice. The Form W-4P contains a “General Instructions” section to assist you with completing the form. For further assistance, we encourage you to contact the taxing agency or your tax advisor.
I am retiring on a Service Pension or exiting DROP on or before January 31, 2023. What form should I complete to have federal taxes withheld from my monthly pension payment?
Complete and submit the tax withholding forms provided to you by the DROP/Service Pensions Section. Please contact the DROP/Service Pensions Section for more details by email at dropsp@lafpp.com, or by phone at (213) 279-3100 or toll-free at (844) 88-LAFPP (52377).
If I do not submit a tax withholding form, how will my federal tax withholding be calculated for my monthly pension payment? How will my DROP payment be taxed?
If you do not submit the required tax withholding form(s), LAFPP is required to withhold federal tax from your taxable monthly pension payment based on a filing status of Single with no adjustments. Your entire DROP account balance will also be subject to a mandatory 20% federal tax withholding.
In addition, if you are a resident of California, LAFPP is required to withhold California state tax from your monthly pension payment based on a filing status of Married with three allowances. There is no requirement to withhold California state tax from your DROP account balance.
